Banking index remained under pressure and closed near days low losing over a percent - Religare Broking Ltd
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NIFTY
* Nifty reversed Tuesday’s move and lost over half a percent, in continuation to the prevailing consolidation phase.
* Most sectors traded in sync with the benchmark and ended lower wherein banking, financials and energy were the top losers.
* A decline below 19,600 in Nifty would again turn the bias on the negative side.
* We suggest maintaining hedged positions and advise keeping a check on position size citing the prevailing choppiness.
BANKNIFTY
* Banking index remained under pressure and closed near days low losing over a percent.
* All banking majors closed in red. HDFCBANK, ICICI Bank and Axis Bank were top losers.
* It has closed around the trendline support placed around 43800 zone, breakdown below the would deteriorate the trend.
* Avoid aggressive longs and focus more on risk management.
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Perspective on markets by Mr. Jaykrishna Gandhi, Head - Business Development, Institutional ...
