Nifty traded volatile on the weekly expiry day and shed nearly half a percent - Religare Broking
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NIFTY
* Nifty traded volatile on the weekly expiry day and shed nearly half a percent.
* Majority of the sectoral indices traded in tandem and ended lower. Defensive pack viz. FMCG and pharma managed to end in green.
* Weakness in banking and IT indicates more pain ahead. However, resilience in other key sectors may cap the damage.
* Suggest keeping a check on positions amid mixed signals and waiting for clarity.
BANK NIFTY
* Banking index traded under pressure and lost over a percent, in continuation to the tone.
* Finally breached the first line of defense i.e. 20 EMA that indicates further profit taking ahead.
* HDFC Bank, ICICI Bank and Federal Bank look weak on charts. SBI and Bankbaroda also from PSU space.
* Maintain negative tone and plan trades accordingly until it reclaims 43900.
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