Nifty traded volatile in a narrow range and gained nearly half a percent - Religare Broking Ltd
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Nifty
* Nifty traded volatile in a narrow range and gained nearly half a percent, in continuation to the prevailing trend.
* Mixed trend on the sectoral front kept the participants occupied wherein energy and auto posted strong gains.
* Rebound in the banking majors combined rotational buying in other heavyweights is pushing the index higher however the pace of rise is not over encouraging
* We thus recommend to avoid going overboard and preferring hedged trades
BANKNIFTY
* Banking index continued its upward move for second consecutive session and closed higher by nearly a percent.
* Mixed trend was witnessed among the banking participants. Wherein HDFC Bank and SBIN contributed to move. While Axis Bank and ICICI bank remained subdued.
* It has reclaimed its short term average ribbon and surpassed the resistance of 46200 zone.
* Going ahead, sustainability above 46200 would be critical for further upmove towards 46700 zone.
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