Nifty traded volatile for yet another session and shed nearly half a percent - Religare Broking
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Nifty
* Nifty traded volatile for yet another session and shed nearly half a percent.
* Profit taking in the FMCG and auto majors was weighing on the sentiment however buying in select heavyweights in banking and financials capped the damage.
* We expect volatility to remain high due to the scheduled outcome of the RBI meet.
* Indications are pointing toward prevailing choppiness to continue in Nifty until it breaks the 17550-17900 range decisively
Banknifty
* Banking index showed resilience and ended marginally in the green.
* A sharp recovery in banking majors like Kotak Bank and Indusind Bank contributed to the move.
* Limit positions ahead of the RBI meeting outcome. Expect recovery to strengthen above 41,900.
* Within the pack, HDFC Bank, IDFC First Bank and AU Bank look firm on charts.
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