Markets began the week on a muted note and ended nearly flat - Religare Broking Ltd
NIFTY
* Markets began the week on a muted note and ended nearly flat,
* Sectoral performance was mixed, with metals, energy, and IT showing decent gains, while auto and banking lagged behind.
* Our preference remains for IT and FMCG sectors, and we suggest being selective in others.
* We recommend maintaining a Buy on Dips strategy
BANKNIFTY
* Banking index traded lackluster and ended with a marginal cut .
* Mixed trend continued among the banking participants wherein INDUSINDBK and AXISBANK traded under pressure.
* After tagging its 20-day EMA, the index continued to trade within the established range.
* Thus, we reiterate our view that the index needs a decisive close above 50800- 50900 for a positive trigger and conclude the ongoing consolidation phase.
* Meanwhile, traders should continue with stock-specific approach and wait for clarity.
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