Nifty remained range bound for the third day in a row and ended marginally in the green - Religare Broking Ltd
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Nifty
* Nifty remained range bound for the third day in a row and ended marginally in the green.
* Mixed trend continued on the sectoral front wherein energy, financials and metal ended higher while FMCG and auto traded subdued.
* After three days of consolidation, markets will react to the outcome of the US Fed meet in early trades on Thursday and that might set the tone for the day.
* We expect Nifty to hold the 23000-23100 zone in case of a dip while the 23,600- 23,800 zone may act as an immediate hurdle.
Bank Nifty
* Banking index remained range bound for yet another day and finally settled marginal higher.
* HDFC Bank, BankBaroda and Federal Bank witnessed decent traction. While AXIS Bank and Kotak Bank closed in red.
* Banking index facing hurdle around 50100 zone which coincides with 78.6% retracement level of its prior decline.
* Traders should focus on stock selection and focus on the stocks which are showing higher relative strength.
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