Banking index remained volatile throughout the day and closed around opening range with small loss - Religare Broking Ltd
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NIFTY
* Nifty started the week on a muted note and ended marginally lower amid mixed cues.
* Mixed trend on the sectoral front kept the traders busy wherein metal and auto edged higher while pharma and realty witnessed profit taking.
* Muted action may continue in the index until we see alignment between the Nifty and the banking index.
* No shortage of trading opportunities across sectors so participants should plan their positions accordingly.
BANK NIFTY
* Banking index remained volatile throughout the day and closed around opening range with small loss.
* Mixed trend was witnessed among banking constituents. Axis Bank and ICICI Banks closed on positive note, wherein HDFC Bank and Kotak bank capped the upside.
* 44550 zone remains the key hurdle to cross, which coincides with its short term moving averages.
* We suggest staying selective, as within
the pack the trend is still subdued.
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