Nifty remained choppy for yet another day but managed to gain over half a percent - Religare Broking Ltd
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NIFTY
* Nifty remained choppy for yet another day but managed to gain over half a percent.
* Mixed trend continued on the sectoral front wherein Financials, Metal and Banking performed well while Realty and Pharma closed lower.
* The rebound has eased some pressure but it is too early to assume that we are out of the woods. A decisive close above 22,300 in Nifty would pave the way for further recovery else profit taking may resume.
* Traders should maintain hedged positions and wait for clarity.
BANK NIFTY
* Banking index gradually inched higher after a weak start and almost recouped its yesterday’s loss by gaining over a percent.
* Banking heavyweights lead the contribution wherein HDFC Bank and ICICI Bank remained top gainers.
* Technically, the index rebounded from its 100 EMA and formed a piercing line pattern. It almost also tested the lower band of the rising channel around 46,500 today.
* Going ahead, one should wait for more clarity and avoid any aggressive bet.
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