Banking index outperformed the benchmark index and closed the day on the positive note - Religare Broking Ltd
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NIFTY
* Nifty traded under pressure on the monthly expiry day and lost nearly a percent, in continuation to the prevailing tone.
* All the key sectors, barring banking, traded in sync with the move and edged lower wherein metal, IT and pharma were among the top losers.
* A decisive break of 22,400 may fuel a further slide to the 22,000-22,150 zone.
* We suggest aligning the trades accordingly and preferring a hedged approach.
BANK NIFTY
* Banking index outperformed the benchmark index and closed the day on the positive note.
* Mixed trend was witnessed among the banking majors. Wherein ICICI Bank, HDFC Bank and Axis Bank contributed to the move.
* It has rebounded higher finding support around its short term moving average and its previous resistance zone.
* Thus going ahead, till index hold the 48300 zone, an upward momentum towards 49350 zone cannot be rules out.
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