Nifty witnessed respite after the recent fall and gained over half a percent - Religare Broking Ltd
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NIFTY
* Nifty witnessed respite after the recent fall and gained over half a percent.
* Mixed trend on the sectoral front kept the traders busy. IT, pharma and banking posted decent gains.
* Rebounded after testing the support at 19,300 but need sustainability above the short-term moving average i.e. 20 EMA for further recovery.
* Staying selective and keep a check on position size citing mixed indications.
BANK NIFTY
* Banking recovered after three days of decline and gained around a percent.
* Barring SBI and Bank of Baroda, all constituents ended in green. Wherein, Indusind bank, Axis Bank and ICICI Bank where among the top gainers.
* 44500 remains the key support zone. A breakdown may further deteriorate the tone.
* Suggest limiting positions and wait for clarity over the next directional move.
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