Nifty witnessed profit taking and ended almost flat, taking a breather on expected lines - Religare Broking Ltd
NIFTY
* Nifty witnessed profit taking and ended almost flat, taking a breather on expected lines.
* Among the key sectors, energy, pharma and FMCG gained the maximum while banking and financials were on the back foot.
* We expect the consolidation to continue in the index however the tone is likely to remain on the positive side.
* Traders should maintain their focus on stock selection and trade management citing the possible rise in volatility ahead.
BANKNIFTY
* Banking index opened gap down and traded volatile throughout the day to close the day lower by over 400 points.
* Mixed trend continued among the banking participants. Wherein SBIN, Kotak Bank performed well. While HDFC Bank and Indusin bank remained under pressure.
* It has closed around the support zone of its short term moving average i.e. 10 DEMA.
* Thus going ahead failure to hold 10 DEMA, could extend the profit taking in the index towards 51900 zones.
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