Nifty failed to capitalize on Monday`s advance and shed nearly a percent - Religare Broking Ltd
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NIFTY
* Nifty failed to capitalize on Monday’s advance and shed nearly a percent.
* Most sectors traded in tandem with the move wherein energy and FMCG were among the top losers.
* The recent price action shows indecisiveness among the participants despite the favorable global cues and we feel the prevailing tone may continue.
* Meanwhile, traders should focus on stock selection and maintain positions on both sides.
BANKNIFTY
* Banking index remained lackluster and traded volatile in narrow range ending marginally lower.
* PSU banks outperformed the private banking major rallying over a percent. Bankbaroda and PNB gained the most.
* It is respecting the support zone of long term moving average. However, it is facing rejection at higher levels.
* Thus we suggest avoid aggressive longs until we see some decisive sign of reversal.
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