Nifty remained in a range for yet another session and lost nearly half a percent - Religare Broking
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NIFTY
* Nifty remained in a range for yet another session and lost nearly half a percent.
* Most sectors aligned to the move and ended in the red wherein realty, energy and auto were among the top losers.
* Focus on the sectors/themes that are playing out well and gradually accumulate those names on dips.
* We are seeing strong traction in themes like fertilizers, cement and railways just to name a few so align trades accordingly.
BANK NIFTY
* Banking index witnessed minor profit taking and closed lower by nearly half a percent.
* Baring Axis Bank, all other private banking major remained under pressure. HDFC bank, Kotak bank and Indusind bank capped the upside.
* Expect consolidation to continue, with intermediate support zone around 46700-46300.
* We thus suggest utilizing an intermediate pause or a dip to add stocks showing strong relative strength.
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Pre-market comment by Deven Mehata , Choice Broking
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