Banking index opened gap up but failed to capitalize its gains and closed near days low losing near half a percent - Religare Broking Ltd
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NIFTY
* Nifty edged marginally lower in a dull session, taking a breather after the recent rebound.
* Most sectors traded in sync with the move wherein auto, pharma and banking were the top losers.
* Reiterate our negative view on the index however a mixed trend on the sectoral front is offering opportunities on both sides.
* Align trades accordingly, with a focus on overnight risk management
BANKNIFTY
* Banking index opened gap up but failed to capitalize its gains and closed near days low losing near half a percent.
* Baring Kotak bank and SBIN all other banking major closed in red. Wherein ICICI bank, HDFC bank and Axisbank were among top losers.
* It failed to hold above the key hurdle of 43400 zone which coincides with 200 DEMA.
* Suggest continue with "Sell on rise" approach and avoid aggressive positions.
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Weekly Market Wrap by Amol Athawale, VP-Technical Research, Kotak Securities
