Banking index witnessed profit booking after the recent surge and closed lower by nearly a percent - Religare Broking Ltd.
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Nifty
* Nifty oscillated in a range and ended almost unchanged, taking a breather after the recent surge.
* Majority of sectors ended in the green wherein energy, pharma and metal were among the top gainers.
* We may see some consolidation in the benchmark index after the recent up move and expect Nifty to hold the 23,700 -23,900 zone in case of any dip.
* We may see a similar trend in the following session also so participants should plan their trades accordingly
BANKNIFTY
* Banking index witnessed profit booking after the recent surge and closed lower by nearly a percent.
* Private banking majors witnessed profit taking. Wherein ICICI Bank, HDFC Bank and Axis Bank remained under pressure.
* Banking index may witness profit taking towards 52000 and 51700, but overall tone continue to remain bullish.
* Thus traders should continue with “buy on dips“ approach and utlise the dips to accumulate quality banking stocks.
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