IGI Logo

Nifty

* Nifty managed to gain nearly half a percent amid volatility, thanks to firm global cues.

* The broader indices remained dull for the second day in a row however selective buying kept the traders busy.

* Need participation from the banking majors to overcome the hurdle at 19,850, else the consolidation phase will continue.

* Traders should align their positions accordingly and stay focused on stock selection.

Banknifty

* Banking index traded lackluster in narrow range and finally settled marginally higher.

* HDFC Bank, ICICI bank and Axis bank capped the downside, while SBIN and kotak bank closed in red.

* Going ahead breakdown below intermediate support zone of 43400 zone would attract further selling pressure.

* Reiterate our view to stay selective with bias on the negative side.

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330