IGI Logo

NIFTY

* Nifty witnessed some respite after 3 days of decline and gained over half a percent.

* Mixed trend on the sectoral front kept traders occupied wherein FMCG, metal and energy edged higher while banking continued to reel under pressure.

* It has reclaimed its short term moving average but lacks decisiveness.

* Traders should continue stock-specific approach and prefer hedged trades.

BANKNIFTY

* Banking index opened higher but failed to hold it gains and closed on a flat note.

* Mixed trend continued among the banking majors. Wherein ICICI bank and Axis bank closed higher whereas HDFC bank and Indusin bank remained subdued.

* It has key support around 45350 zone which coincides with 50% retracement ratio of its prior upmove.

* Thus a breakdown below 45350 zone could propel further weakness in the index.

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330