IGI Logo

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.

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330