Banking index remained volatile in the narrow range - Religare Broking Ltd
NIFTY
* Nifty started the week on an upbeat note and gained ~2%, tracking favorable cues.
* The majority of key sectors contributed to the move wherein energy, financials and metal were among the top performers.
* The stability in banking combined with buoyancy on the global front is aiding recovery however the upside seems capped citing multiple hurdles.
* We thus suggest focusing on sectors/ themes that are attracting consistent buying.
BANKNIFTY
* Banking index remained volatile in the narrow range and closed higher over a percent.
* Baring AU Bank, all other banks contributed to the move. Where HDFC Bank, Kotak bank and Axis Bank remained top performers.
* It has rebounded from the long term moving average (200 DEMA) support which coincides with 61.8% retracement levels.
* Going ahead we expect 45800-46200 to act as a key hurdle zone in the near term.
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