Nifty traded volatile for yet another day and lost nearly a percent - Religare Broking Ltd
NIFTY
* Nifty traded volatile for yet another day and lost nearly a percent.
* Among the key sectors, auto, IT and realty were among the top losers.
* The sharp decline in the index has engulfed the gains of the last four sessions however it managed to hold the support zone of short term moving average i.e. 20 EMA on the closing basis.
* Traders should keep a close watch on the performance of the US markets for cues.
BANK NIFTY
* Banking index witnessed selling pressure as the day progressed and closed the session losing over half a percent.
* Barring ICICI Bank and SBIN, all other banking majors witnessed profit taking. Wherein HDFC Bank and Kotak bank were among the top loser.
* We are seeing a healthy correction after recent surge, the overall tone remains positive until it holds 48500 zone.
* Traders should focus on stock selection and risk management.
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