Nifty edged lower in a volatile trading session, losing over half a percent amid weak cues - Religare Broking
NIFTY
* Nifty edged lower in a volatile trading session, losing over half a percent amid weak cues.
* After an initial uptick, the Nifty oscillated sharply in early trade; however, a sharp decline below the short-term moving average (20 DEMA) in the latter half of the session kept the tone negative.
* On the sectoral front, most key sectors ended in the red, with energy, financials, and IT among the top losers.
* We recommend maintaining caution in stock selection and trade management in the current environment.
BANK NIFTY
* The banking index opened on positive note, marking a new record high, but failed to hold onto its early gains and slipped lower, losing nearly half a percent.
* In line with trend, most banking majors ended in red wherein Idfcfirstb, Indusindbk, Axisbank were top losers, while Federalbnk and Aubank posted gains.
* A "buy on dips" approach is recommended, with the 55,000-54,500 zone now serving as a new support base.
* Focus on banking stocks showing relative strength and avoid laggards.
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