Nifty traded lackluster amid mixed cues and lost over half a percent - Religare Broking Ltd
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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
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