Nifty traded volatile on the monthly expiry day and lost nearly half a percent - Religare Broking Ltd
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NIFTY
* Nifty traded volatile on the monthly expiry day and lost nearly half a percent.
* Mixed moves continued on the sectoral front. Realty and IT edged higher while energy and FMCG witnessed pressure.
* Seeing a gradual fall in the index however buoyancy on the broader front combined with selective buying across sectors is compensating in the interim.
* Continue with the stock-specific approach until we see a decisive sign of reversal in the index
BANK NIFTY
* Banking index extended its decline for second consecutive session and shed nearly half a percent.
* Barring ICICI Bank, all other private banking major closed in red. Wherein Axis Bank, Kotak Bank, Indusind Bank and HDFC Bank contributed the most.
* Closed around its medium term average .i.e 100 DEMA. Sustenance below 43700 would attract further selling pressure towards 43350.
* We suggest staying selective, as within the pack the trend is still subdued.
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