Nifty oscillated in a narrow range on the budget day and settled marginally lower - Religare Broking Ltd
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NIFTY
* Nifty oscillated in a narrow range on the budget day and settled marginally lower.
* Mixed trend on the sectoral front kept the participants occupied wherein energy, auto and banking posted decent gains while metal and realty traded under pressure.
* We are seeing consistent outperformance from the broader indices despite the overbought condition.
* Thus it is prudent to restrict exposure and prefer only quality names.
BANKNIFTY
* Banking index continued to remain volatile for yet another session and closed higher by 0.42%.
* Mixed trend was witnessed among the banking names. Wherein Axis Bank and SBIN inched higher whereas ICICI bank and Kotak bank remained subdued.
* A decisive breakout above 46300 would propel further upmove towards 47000 levels.
* Thus traders should align their trades accordingly and focus on risk management.
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