Nifty oscillated sharply on both sides and finally settled marginally lower - Religare Broking Ltd
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NIFTY
* Nifty oscillated sharply on both sides and finally settled marginally lower.
* Mixed trends on the sectoral front kept the participants busy wherein auto and realty posted decent gains while pressure continued in banking and IT.
* Banking pack is currently weighing on the sentiment. And, it is difficult to make any directional move without their participation.
* We thus reiterate our view to stay focused on stock selection and risk management.
BANKNIFTY
* Banking index opened gap down on the back of gloabal cues and settled lower with a cut over half a percent.
* Barring Indusind bank, all other private banking majors closed negative. Wherein, HDFC Bank, Axis Bank and ICICI Bank remained under pressure.
* It reversed finding resistance around its short term moving average ribbon which coincides around 44700 zone.
* Restrict aggressive positions and focus
more on risk management.
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