Nifty traded volatile on the weekly expiry day and ended in the red - Religare Broking Ltd
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NIFTY
* Nifty traded volatile on the weekly expiry day and ended in the red.
* Most sectors were aligned to the trend wherein energy and pharma were the top losers.
* Failed to hold above 20 EMA. Expect selling pressure to resume below 19,300.
* Meanwhile, traders should avoid aggressive positions and prefer hedged trades.
BANK NIFTY
* Banking index opened on a positive note but pared all its early gains and finally settled on a flat note.
* Mixed trend was witnessed among the banking majors. Wherein AU Bank, Axis Bank, ICICI Bank and Indusind Bank settled higher while HDFCBank, Bank Baroda and SBI capped the upside.
* Failure to sustain above 44550, which coincides with 20 EMA, could lead to decline towards the crucial support zone of 43700.
* Trade in sync with the trend while keeping a check on position size and risk management.
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