Banking index remained volatile throughout the day and finally settled marginal lower- Religare Broking Ltd
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Nifty
* Nifty remained range bound and ended unchanged, in continuation to Monday’s tone.
* Mixed trend continued on the sectoral front wherein realty and auto edged higher were among the top performers while FMCG, pharma and banking witnessed some profit taking.
* The pause in the index is largely on the expected lines and we expect the same to end soon.
* Apart from the key sectors, certain themes like agri. related viz. fertiliser & sugar and chemical stocks are attracting noticeable interest.
Bank Nifty
* Banking index remained volatile throughout the day and finally settled marginal lower.
* Mixed trend continued among the banking majors. Wherein HDFC Bank and SBIN inched higher. While Kotak Bank and ICICI Bank remained subdued.
* We continue with our bullish stance and maintain “Buy on dips” approach in the banking index.
* Thus any dips towards the support zone shall be utilsed to accumulate the quality banking stocks.
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