IGI Logo

NIFTY

* Nifty traded lackluster amid mixed cues and lost over half a percent. 

* Most sectors traded in line with the move and settled in the red wherein auto, energy and pharma were among the top losers. 

* Indications are in favor of consolidation with negative bias until the Nifty decisively reclaims 22,250 levels. 

* Traders should continue with stock-specific approach and maintain positions on both sides.

BANKNIFTY

*  Banking index continued to decline for sixth consecutive session in a row and closed the lower by around half a percent.

* Baring Indusind bank, all other private banking majors closed lower. Wherein Axis Bank and ICICI Bank capped the upside. 

* Banking index has completed a Harmonic pattern around its short term moving average i.e. 50 DEMA. 

* Going ahead, an oversold bounce cannot be ruled out, provided 46300 is not broken decisively

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330