Nifty took a breather on the final trading session of the calendar year and settled with a modest cut - Religare Broking Ltd
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NIFTY
* Nifty took a breather on the final trading session of the calendar year and settled with a modest cut.
* Mixed trend on the sectoral front kept the participants busy wherein auto and FMCG edged higher
* We may see further consolidation in the index and it would be healthy after the recent surge.
* Participants should stay focused on the selection of stocks and prefer index majors.
BANK NIFTY
* Banking index took a breather after three days of advance and closed lower by half a percent.
* Mix trend was witnessed among the banking participants. HDFC bank and Federal bank were among top gainers wherein ICICI bank and SBIN saw profit booking.
* It has an intermediate support around 47800 zone which coincides with its short term average.
* We continue to maintain our bullish stance and suggest to follow “buy on dips” approach.
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