Nifty oscillated sharply on both sides and finally settled marginally lower on the expiry day - Religare Broking Ltd
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NIFTY
* Nifty oscillated sharply on both sides and finally settled marginally lower on the expiry day.
* Mixed trend on the sectoral front kept the traders occupied wherein auto & FMCG edged higher while metal and energy traded under pressure.
* It has closed around the support zone of 19600 zone which coincides with 50 DEMA, breakdown below the would deteriorate the trend.
* Suggest limiting aggressive positions and preferring hedged trades until we see some clarity over next directional move.
BANKNIFTY
* Banking index recouped its early session losses and remained volatile to finally settle with marginal loss.
* Barring indusind Bank all other private banking majors ended lower. ICICI Bank, Kotak Bank and HDFC Bank capped the upside.
* It rebounded from the anticipated support zone of 43600, which coincides with lower end of the consolidation range.
* Expecting a pullback towards 44050- 44350, provided 43550 zone is protected
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