Nifty witnessed a breather after the recent slide and gained over a percent - Religare Broking Ltd
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NIFTY
* Nifty witnessed a breather after the recent slide and gained over a percent, tracking firm global cues.
* Majority of sectors participated in the move wherein metal, energy and pharma were among the best performers.
* Though the volatility has cooled-off significantly, we still have room for further dip.
* We need a decisive close above 24,500 in Nifty to ease pressure and trigger sustained rebound.
BANKNIFTY
* Banking index remained lackluster and oscillated in a range, a respite after the recent fall.
* Barring INDUSINDBK, all other banking majors ended in green.
* The index is attempting to defend the medium term moving average i.e. 100 EMA and a decisive fall below the same may trigger a fall towards 49000 mark.
* Traders should remain cautious as far as banking names are concerned.
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