Maintain a cautious outlook on the markets and advise keeping a close watch on position sizes amidst the ongoing choppiness - Religare Broking Ltd
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NIFTY
* NIFTY experienced a volatile session on Friday but managed to gain nearly half a percent.
* Along with banking, metals performed well, though the IT and FMCG sectors ended in the red.
* Wait for a decisive close above 25,150 for positive bias.
* Maintain a cautious outlook on the markets and advise keeping a close watch on position sizes amidst the ongoing choppiness.
BANKNIFTY
* Banknifty Strong rebound was witnessed from its lower channel & simultaneously witnessed breakout above sloping trend line of its previous consolidation range.
* Banking heavyweights like Axisbank and ICICI Bank contributed the most to gain. ? On the move, Banknifty crossed multiple resistance barriers and closed with a positive bias.
* Keep positive bias above 51750, and the next leg of follow-on could lead to 52700-52900.
* Traders are recommended to trade with a positive bias and stay cautious with ongoing volatility.
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