Banking index witnessed profit taking from record high levels to eventually end the day with half a percent gain - Religare Broking Ltd
NIFTY
* NIFTY ended almost unchanged in a volatile expiry session, continuing the recent trend.
* Sector-wise, the trend remained mixed with FMCG, banking, and auto sectors edging higher, while metals and pharma faced pressure, closing in the red.
* However, the downside appears limited, with strong support around the 25,100-25,200 zone.
* Traders are advised to maintain positions on both sides and focus more on index heavyweights.
BANKNIFTY
* Banking index witnessed profit taking from record high levels to eventually end the day with half a percent gain.
* Mixed trend was witnessed among the banking majors wherein Private banking stocks outperformed the PSU banking counters.
* The price action resulted into formation of a Shooting Star pattern at higher level. Indications are in favor of consolidation after the recent surge.
* On the level front, 52700-52000 will be the support for the index whereas on the upside 53400-54000 will act as resistance
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