Traders, if in short positions, shall reverse their positions and stick to positive bias and participate in longs above 50 EMA - Religare Broking Ltd
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NIFTY
* NIFTY moved higher in a volatile session, ending with nearly half a percent gain amid mixed signals.
* Sectoral Outlook: realty and metal sectors also saw gains, while auto and pharma remained under pressure.
* Resistance at the 24,500 level on Nifty remains a challenge.
* Meanwhile, traders should maintain a stock-specific approach with a strong focus on risk management.
BANKNIFTY
* Banknifty opened with an upside gap above 100 EMA, and strong follow-on was witnessed.
* Index strong volume delta helped index to close above 2%, breaking multiple resistance.
* Banknifty has given breakout over 50 EMA and also rising trend line, which acted as a resistance previously.
* Above 52000, further follow-on can be seen towards the 53000 mark.
* Traders, if in short positions, shall reverse their positions and stick to positive bias and participate in longs above 50 EMA.
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Daily Market Analysis : Markets edged lower and lost over half a percent, in continuation to...
