Nifty remained volatile for yet another session and lost nearly half a percent - Religare Broking Ltd
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NIFTY
* Nifty remained volatile for yet another session and lost nearly half a percent.
* Mostly sectors continued with a negative tone. Realty, pharma and financials were among the top losers.
* Expect respite in the index after the recent slide but the upside seems capped. Fresh weakness in broader indices may add to worries.
* Recommend focusing more on trade management and maintaining positions on both sides.
BANKNIFTY
* Banking index underperformed on its weekly expiry day and lost nearly a percent.
* All heavyweights, barring HDFC Bank, ended in the red wherein sharp cuts in the Axis Bank and SBIN kept the tone negative.
* Breached the trendline support and slipped below the 100 EMA as well.
* Chart pattern indicates the prevailing bias to extend. Maintain a “sell on rise” approach.
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