Nifty Support at 22,150 : Global Stability Signals Consolidation - Religare Broking Ltd
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NIFTY
* Nifty traded volatile and ended almost unchanged, taking a breather after the recent fall.
* Mixed trend on the sectoral front kept the traders occupied wherein auto, energy and metal posted decent gains.
* The existence of support around 22,150 in Nifty combined with stability in global markets may prompt some consolidation.
* Traders should maintain cautious approach and continue with hedged positions.
BANK NIFTY
* Banking index opened gap down and remained volatile in the narrow to close the day lower by around half a percent.
* Mixed trend was seen among the banking participants. Wherein SBIN and Axis Bank closed in green. While HDFC Bank and ICICI Bank remained under pressure.
* Going ahead, banking index has an intermediate hurdle around 48300 zone, sustenance above the same would offer recovery in the index.
* Thus, we advise traders to maintain cautious approach until we surpass the hurdle of 48300 zone.
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Indian financial markets closed on May 20
