Banking index witnessed profit taking from record high levels to eventually end the day with half a percent gain - Religare Broking Ltd
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
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
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ000174330
