Nifty witnessed profit taking on Friday and shed over half a percent - Religare Broking Ltd
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NIFTY
* Nifty witnessed profit taking on Friday and shed over half a percent.
* Mixed trend was witnessed on the sectoral front wherein pharma, realty and IT posted decent gains while financials and banking ended in the red.
* The intermediate volatility is normal during the earnings season and mixed global cues are further adding to the choppiness.
* Suggest continuing with stock-specific trading approach and utilizing dips to add quality names.
BANK NIFTY
* Banking index took a breather after Thursday move and closed lower losing over half a percent.
* Mixed trend was witnessed among the banking majors. Wherein Indusindbk and Kotakbank remained under pressure. While Axis Bank and HDFC Bank capped the downside.
* We believe upside momentum likely to continue till its holds 47800 zone which coincides with its short term average.
* Maintain “Buy on Dips” approach and focus on the stocks which are showing higher relative strength.
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