Banking index witnessed profit taking in the second half and closed the session lower by around a percent - Religare Broking
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NIFTY
* Nifty witnessed a bout of profit taking and lost nearly one and a half percent.
* Among the key sectors, metal, energy and realty were among the top losers. As well the broader indices too felt the heat and lost over 3.5% each.
* We reiterate our preference for index majors and suggest accumulating quality names during this phase.
* Participants should reduce their positions and maintain strict stop losses in remaining trades.
BANK NIFTY
* Banking index witnessed profit taking in the second half and closed the session lower by around a percent.
* Baring HDFC bank, all other banking majors ended in red. Wherein SBIN, Axis bank and Kotak bank lost the maximum.
* PSU Banks underperformed private banking index significantly losing by more than four percent.
* Going ahead 47200-46800 remains the crucial support zone to watch out for
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