NIFTY remained subdued on the weekly expiry day, ending largely flat amid mixed signals - Religare Broking Ltd
NIFTY
* NIFTY remained subdued on the weekly expiry day, ending largely flat amid mixed signals.
* Sectoral outlook - trend was mixed, with gains in pharma and energy, while FMCG, realty, and auto sectors declined.
* Index reflect indecision following a recent downturn, though the overall sentiment remains negative
* Investors are advised to maintain a “sell on rise” strategy for the index while being selective with individual stocks.
BANKNIFTY
* Alike the previous day, Banknifty managed to retain its major support at 100 EMA, and bounce is seen from lower levels.
* Slight profit taking is witnessed from higher levels but managed to retain most of the day gains, closing more than half a percent positive.
* Trend still suggests consolidation above 51000.
* Traders are recommended to stay cautious at the 51000 level and stay stock-specific in the banking space to play on either side
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