Banking index also witnessed respite and rose over half a percent - Religare Broking Ltd
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NIFTY
* Nifty witnessed a rebound after two days of slide and gained over half a percent.
* Most sectors contributed to the move. Realty, metal and energy were among the top performers.
* Rebound in the US market has triggered bounce but upside capped. Multiple hurdles between 19,200-19,400 zone.
* Reiterate our view to follow stock-specific approach and focus more on overnight risk management.
BANKNIFTY
* Banking index also witnessed respite and rose over half a percent.
* Recovery in private banking majors viz. ICICI Bank, Axis Bank and HDFC Bank contributed maximum to the move.
* Retested the resistance zone of 200 EMA around 43250 again but couldn’t sustain.
* Suggest rebound to reduce longs. Strong hurdle around 43500-44000 zone.
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Indian financial markets closed on May 20
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