Banking index also opened lower and remained in a narrow band till the end - Religare Broking Ltd
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Nifty
* Nifty started the week with a cut over half a percent, in continuation prevailing corrective phase.
* Most sectors traded in sync wherein energy, auto and pharma were among the top losers.
* The move reaffirms our negative bias however buying in select heavyweights is capping the damage.
* Maintaining focus on stock selection while keeping a check on leveraged trades.
BANK NIFTY
* Banking index also opened lower and remained in a narrow band till the end.
* Mixed move was witnessed across sector. SBI and Axis Bank showed strength while ICICI Bank and HDFC Bank edged lower.
* Retested the lower band of the triangle pattern. Its break would fuel further decline.
* Suggest focusing on stocks that are showing resilience or plan pair trading opportunities.
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