Banking index witnessed profit taking and closed lower losing over half a percent - Religare Broking
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Nifty
* Nifty traded volatile on Friday but managed to end in the green amid mixed cues.
* Barring banking, all the key sectors closed in green wherein realty, IT and metal were among the top performers.
* We are seeing volatility across the sectors so traders should maintain extra caution in stock selection.
* it is prudent to stick with index majors over midcap and smallcap counters.
Banknifty
* Banking index witnessed profit taking and closed lower losing over half a percent.
* Baring Kotak bank all other banking major closed in red. Wherein HDFC bank, ICICI bank and SBIN capped the upside.
* The banking index has an immediate support around 47400 zone which coincides with short term moving average i.e. 10 DEMA.
* Focus on stock selection and prefer banking names which are showing higher relative strength.
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