Nifty traded volatile for yet another session and lost nearly half a percent - Religare Broking Ltd
NIFTY
* Nifty traded volatile for yet another session and lost nearly half a percent.
* Pressure in the banking, auto and IT majors was weighing on the sentiment however resilience in the pharma and energy majors capped the damage.
* A decisive close above 21,800 in Nifty would prompt the next leg of the up move.
* Meanwhile, we feel it is prudent to prefer defensive viz. FMCG, pharma and stay selective in others.
BANK NIFTY
* Banking index witnessed profit taking and closed near days low losing nearly a percent.
* Baring HDFC Bank, all other banks remained under pressure. Wherein ICICI bank and Kotak bank were among top losers.
* Its has closed beneath it short term moving average, failure to reclaim would propel further profit booking.
* Thus participants should align their trades accordingly and focus on risk management.
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