Reiterate our view to stay selective and prefer sectors/stocks that are attracting consistent buying interest - Religare Broking
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Nifty
* Nifty managed to end marginally higher amid volatility, in continuation of Tuesday’s surge.
* Mixed trend across sectors capped the momentum. Metal and energy packs posted strong gains while banking and IT remained subdued.
* Recent recovery lacks decisiveness due to underperformance from the banking index.
* Reiterate our view to stay selective and prefer sectors/stocks that are attracting consistent buying interest.
Banknifty
* Banking index failed to build on last session’s rebound and ended lower.
* Mostly stocks ended lower wherein dip in ICICI Bank, Axis Bank and Indusindbk weighing on sentiment.
* 43800 remains the key support zone. A breakdown may further deteriorate the tone.
* Suggest limiting positions and waiting for clarity over the next directional move.
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