05-07-2024 09:54 AM | Source: Religare Broking
Banking index remained volatile and lackluster throughout the day to finally settled almost unchanged - Religare Broking Ltd

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Nifty

* Nifty traded within a narrow range and ended nearly unchanged, pausing after Wednesday's gains.

* Mixed trend with pharmaceuticals, IT, and automotive sectors seeing moderate gains, while FMCG and metals remained subdued.

* It would be prudent to take some profits and wait for a potential dip before considering new long positions in the index.

* Traders should focus more on stock selection and utilize dip/consolidation to add quality names.

 

 

BANKNIFTY

* Banking index remained volatile and lackluster throughout the day to finally settled almost unchanged.

* Mixed trend was witnessed among the banking majors. Wherein ICICI Bank and Kotak Bank performed well. While HDFC Bank and Indusin Bank capped the upside.

* Banking index lacking momentum, as we are seeing mixed trend among the banking majors.

* Thus traders should focus more on stock selection and risk management.

 

 

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