Banking index opened lower and oscillated in a range to finally settle with nearly half a percent cut - Religare Broking Ltd
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NIFTY
* Nifty traded under pressure and lost over a percent, tracking feeble global cues.
* Majority of sectors felt the heat wherein realty, auto and metal were among the top losers.
* The index failed to surpass the hurdle at 25,100 and today’s close indicates the possibility of a further dip towards the immediate support zone i.e. 20 DEMA around the 24,500 level.
* We suggest keeping a check on the overnight leveraged positions and prefer hedged trades.
BANKNIFTY
* Banking index opened lower and oscillated in a range to finally settle with nearly half a percent cut.
* Most of the banking majors remained under pressure while HDFCBANK retained its gains.
* The banking index showed resilience against the benchmark index but at the same traded below its 20 EMA.
* Going ahead, we expect the ongoing consolidation to persist until any fresh trigger on either side.
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Weekly Market Wrap by Amol Athawale, VP-Technical Research, Kotak Securities
