Nifty traded volatile in a narrow band and lost nearly half a percent, in continuation of Friday`s decline - Religare Broking Ltd
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NIFTY
* Nifty traded volatile in a narrow band and lost nearly half a percent, in continuation of Friday’s decline.
* Most sectors traded in sync with the move and drifted lower. FMCG, metal and energy were among the top losers.
* Correction would ease the overbought condition. Expect Nifty to respect the 19300-19500 zone.
* Focus on managing their existing trades and accumulating quality stocks on dips.
BANK NIFTY
* Banking also traded volatile and ended marginally lower, in line with the benchmark index.
* Mixed trend was witnessed among the constituents. Indusind Bank, SBI and HDFC Bank were top gainers while Kotak Bank, ICICI Bank and AU Bank capped the upside.
* Performance of the banking pack would play a critical role in setting the market tone ahead.
* Reiterate our view to prefer private banking majors and accumulate them on dips.
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