Banking index opened gap up and traded volatile in a range and finally settled around the opening range to close higher by over half a percent - Religare Broking Ltd
Nifty
* Nifty paused after four days of consecutive declines, ending slightly higher.
* Sectoral activity was mixed, with metals and real estate performing well, while IT and pharma were among the top losers.
* We see immediate support for the Nifty at 22,400; a break below this level could intensify downward pressure.
* We maintain a cautious outlook and recommend closely
Bank Nifty
* Banking index opened gap up and traded volatile in a range and finally settled around the opening range to close higher by over half a percent.
* HDFC Bank, ICICI Bank and Indusind bank contributed to the move. Wherein Kotak Bank and Axis Bank remained subdued.
* We expect volatility to continue ahead as well, as we are heading towards the election results in the upcoming week.
* On the levels front, index has an intermediate hurdle around 49500 and 49900 levels.
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