Nifty started the week with a cut and lost over half a percent amid mixed cues - Religare Broking Ltd
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NIFTY
* Nifty started the week with a cut and lost over half a percent amid mixed cues.
* Mostly sectors traded in sync with the move and closed in the red wherein metal, banking and energy were among the top losers.
* The intermediate dip in the index after every uptick making traders’ life difficult and it shall continue due to mixed trends across the index majors.
* In the present scenario, traders should avoid aggressive longs and prefer a hedged approach.
BANK NIFTY
* Banking index remained under pressure as the day progressed and closed lower losing over a percent.
* Selling pressure was widespread across the major banking stocks. Wherein HDFC Bank, ICICI Bank and SBIN contributed the most.
* It is taking a breather after recent surge, we believe 46900 zone to act crucial support in the near term.
* We thus continue to maintain "Buy on Dips" approach and advice to focus on stocks which are showing higher relative strength.
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