Banking index took a breather after three days of advance and closed the session marginally lower - Religare Broking Ltd
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NIFTY
* It turned out to be a muted session on the expected lines as the Nifty oscillated in a narrow range and ended marginally lower.
* Majority of sectors traded under pressure wherein realty and energy were among the top losers.
* Indications are in favor of prevailing consolidation to continue and Nifty to hover within the 22,800-23,100 zone.
* Traders should keep a close watch on two key sectors viz. IT and FMCG for cues as others have already performed well.
BANK NIFTY
* Banking index took a breather after three days of advance and closed the session marginally lower.
* Baring HDFC Bank all other private banking majors closed in red. ICICI Bank and Kotakbank remained subdued.
* It has reached closure to the resistance levels of 49500, which coincides with its previous swing high.
* Thus, we believe index to consolidate in a range before any meaningful upmove.
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