Banking index pared the early gains and ended on a flat note - Religare Broking Ltd
NIFTY
* On the weekly expiry day, Nifty remained range-bound and closed slightly lower.
* Barring the banking sector, all major indices ended lower, with realty, auto, and metal stocks leading the decline.
* The ongoing consolidation in the Nifty index has kept participants cautious, but a decisive breakout from the 22,250-22,650 range is expected soon.
* We continue to advice against adding to loss-making positions, particularly in the midcap and smallcap segments.
BANK NIFTY
* Banking index pared the early gains and ended on a flat note.
* Among the banking majors, PSU counters like Bankbaroda, SBIN closed in green while Indusindbk, Federalbnk edged lower.
* The index is trading in a lower top-lower bottom formation below its short-term moving average, with upside attempts meeting selling pressure.
* However, as long as index manages to defend its key support zone at 47700-47500, expect sideways tone to continue.
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