Banking index snaps 3 days decline and closed higher by over a percent - Religare Broking Ltd
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NIFTY
* Nifty took a breather after three days of successive falls and gained nearly a percent.
* Mostly sectors contributed to the move wherein realty, energy and financials were among the top performers.
* The earlier support zone i.e. 19200-19300 would act as a hurdle in case of further rebound.
* We thus suggest utilizing a rebound to reduce longs and wait for clarity.
BANK NIFTY
* Banking index snaps 3 days decline and closed higher by over a percent.
* All major banking constituents ended in green. Wherein Axis Bank, SBIN and HDFC Bank were among the top contributors.
* Long term moving average (200 DEMA) which currently lies around 43250 zone would continue to act as a key resistance.
* Suggest continue with "Sell on rise" approach and avoid aggressive positions.
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Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
