Banking index remained under pressure and closed with almost one percent cut - Religare Broking Ltd
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NIFTY
* Nifty swung in both directions before finally settling on a flat note.
* FMCG and IT showed noticeable resilience while realty, metal and banking traded under pressure.
* We suggest continuing with a cautious stance as sustainability above the 24,200 zone is critical to maintain the positive tone in Nifty else the profit taking would intensify.
* We reiterate our preference for a defensive pack viz. FMCG, pharma and IT for long trades.
BANKNIFTY
* Banking index remained under pressure and closed with almost one percent cut.
* Almost all banking majors contributed to the move wherein HDCBANK and SBIN weighed in the most.
* The index has slipped below its 20 DEMA after trading in a narrow range for more than a week.
* We are now eyeing the 51350-51150 zone as next support for the index while 52,100-52,600 would cap the recovery in case of a rebound.
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