Nifty traded volatile and lost nearly half a percent amid mixed cues - Religare Broking
NIFTY
* Nifty traded volatile and lost nearly half a percent amid mixed cues.
* Continued pressure on the IT majors and profit taking in banking and financial counters turned the tone negative.
* Indications are pointing towards consolidation. For further rebound, Nifty should decisively cross the 17,200.
* Meanwhile, it is prudent to restrict positions and wait for clarity.
BANK NIFTY
* Banking index witnessed pressure and finally shed nearly a percent.
* Failed to sustain above its resistance zone of long term moving averages on the daily chart.
* Selling pressure was widespread. HDFC Bank, Kotak Bank and ICICI Bank were the top losers.
* Limit leveraged positions and prefer PSUs for short trades.
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