Nifty witnessed a roller coaster ride on Tuesday and ended almost flat - Religare Broking Ltd
NIFTY
* Nifty witnessed a roller coaster ride on Tuesday and ended almost flat.
* Among the key sectoral indices, realty, auto and pharma posted decent gains while media, banking and financials ended lower.
* The rebound attempt in Nifty shows that bulls are not in mood to loosen their grip easily and supportive global cues could prompt next leg of up move.
* Meanwhile, participants should limit trades and prefer hedged bets.
BANKNIFTY
* Banking index underperformed the index and closed lower falling nearly half a percent.
* Baring Kotakbank, all other banking majors closed in red. Wherein HDFC bank and ICICI bank capped the upside.
* It has closed below its short term moving average i.e. 20 DEMA.
* It has recorded breakdown from Head and shoulder pattern indicates weakness likely to extend further.
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