Nifty extended fall and lost nearly half a percent amid volatility - Religare Broking Ltd
NIFTY
* Nifty extended fall and lost nearly half a percent amid volatility.
* On the sectoral front energy, banking and metal were among the top losers while pharma and realty showed some strength.
* Indications are now in favor of some consolidation after the recent fall and any rebound to 21,700-21,850 would attract fresh shorts.
* We thus reiterate our view to reduce positions on the rise and wait for some stability in the trend.
BANK NIFTY
* Banking index remained volatile and declined second straight session losing over 0.70 percent.
* Mixed trend was witnessed among the banking majors. Wherein Axisbank and ICICI bank capped the downside whereas HDFC Bank and Indusind bank remained under pressure.
* It has closed around its long term moving average i.e. 100 DEMA.
* Going ahead, 45350 is the crucial support for the banking index to watch out for.
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