Holding some short positions as a hedge may be prudent until the index signals a clear upward trend - Religare Broking Ltd
NIFTY
* NIFTY traded flat, taking a pause after Monday's decline.
* Sector-wise, the trend was mixed—IT and auto sectors edged higher, while energy ended in the red.
* Looking ahead, the index may see further consolidation. Traders should concentrate on careful stock selection.
* Holding some short positions as a hedge may be prudent until the index signals a clear upward trend.
BANKNIFTY
* Banking index remained lackluster and closed on a flat note, taking a pause after yesterday’s decline.
* Mixed trend was witnessed among the banking majors wherein KOTAKBANK and SBIN ended in green while pressure continued in INDUSINDBK and PNB.
* The support of 20 EMA is held well. A rebound from current levels will help bounce index towards 53500-53800 levels.
* Traders are advised to remain light and prefer a hedged approach.
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