Nifty traded volatile and ended almost unchanged, taking a breather after the recent surge - Religare Broking Ltd
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NIFTY
* Nifty traded volatile and ended almost unchanged, taking a breather after the recent surge.
* Mixed trend on the sectoral front kept the traders occupied wherein metal and realty posted decent gains while energy and FMCG witnessed profit taking.
* We reiterate our positive view on the index and suggest focusing on select themes/sectors that are attracting noticeable interest
* Apart from the global cues, the performance of the IT majors will be in focus for cues.
BANKNIFTY
* Banking index witnessed minor profit booking after a gap-up opening, however managed to close marginally higher.
* Mixed trend continued among the private banking majors. Wherein ICICI Bank and Axis Bank performed well.
* Going ahead, sustenance above 49000 would propel further up move, whereas previous breakout zone of 48500 would act as intermediate support.
* Continue with “Buy on Dips” approach. We suggest focusing on the banking names which are showing higher relative strength.
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Pre-market comment by Deven Mehata , Choice Broking
