Banking index remained volatile but managed to outperform the benchmark index - Religare Broking Ltd
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NIFTY
* Nifty failed to capitalise on Wednesday’s rebound and lost over half a percent, tracking feeble global cues.
* Most sectors were aligned to the move wherein IT, metal and energy lost maximum.
* Nifty has been facing a hurdle around the 24,350 level and a decisive break of 23,900 would trigger the next leg of the down move.
* Traders should align their positions accordingly and prefer a hedged approach.
BANKNIFTY
* Banking index remained volatile but managed to outperform the benchmark index.
* Mixed trend was witnessed among the banking majors where HDFCBANK and AXISBANK closed on a positive note.
* The index is stuck in a range from last few sessions where a decisive close above 50800 on upper end or 49600 on lower end will provide some directional view.
* Till then, remain stock specific on banking names.
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Post market comment by Mandar Bhojane, Research Analyst, Choice Broking
