Banking index recoupled its early losses and finally settled on a flat note - Religare Broking Ltd
NIFTY
* Nifty started the week with modest gains amid volatility, in continuation of the recent pause.
* Mixed trend on the sectoral front kept the traders occupied wherein metal, auto and energy were among the top gainers while IT and FMCG witnessed profit taking.
* The recent price action in Nifty shows indecisiveness among the participants.
* We thus feel it is prudent to limit positions in the current scenario and wait for clarity over the next directional move.
BANKNIFTY
* Banking index recoupled its early losses and finally settled on a flat note.
* Mixed trend continued among the banking participants. Wherein Axis Bank and ICICI bank capped the damage. Whereas HDFC Bank and Indusind Bank remained subdued.
* It witnessed a breakdown below the support zone 46300 but recovered strongly from the lows and closed above the same.
* Thus we believe index to witness oversold bounce until index breaks 46300 zone decisively.
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