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Traders should avoid aggressive longs and stay selective - Religare Broking Ltd
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NIFTY
* Nifty reversed Monday’s decline and gained nearly a percent, in continuation to the prevailing consolidation range.
* Most sectors traded in sync with the move wherein IT, metal and auto were among the top performers.
* The recent price action indicates the prevailing tone to continue and traders should maintain their focus on stock selection.
* We reiterate our preference for metal, IT, auto and energy counters for long trades .
BANKNIFTY
* Banking index underperformed the benchmark index and remained range bound to close the session with marginal loss.
* Mixed trend continued in the banking stocks. Wherein SBIN and ICICI bank inched higher whereas Indusind bank and Kotak bank capped the upside.
* We expect underperformance to continue with 45400 zone being an intermediate support for the index in the near term.
* Traders should avoid aggressive longs and stay selective.
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