Banknifty traded under a narrow range after opening slightly higher - Religare Broking Ltd
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NIFTY
* NIFTY remained volatile and ended slightly lower, continuing their ongoing corrective phase.
* Sectoral performance was mixed, with realty and FMCG finishing in the green, while metals and auto were among the top losers.
* we recommend maintaining a cautious stance until Nifty decisively surpasses the 25,300 level.
* Traders should focus on stock selection and adopt a balanced approach.
BANKNIFTY
* Banknifty traded under a narrow range after opening slightly higher.
* Traded strong compared to other major benchmark index, tested 100 EMA again & rebounded to close near days highs.
* Simultaneously the index has closed above 38.2% of its Fibonacci retracement of its primary trend.
* Traders are recommended to have a close watch at 51750 as support & Participate the follow-on upside to 52300 as next leg of target.
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