Traders should prefer hedged approach and keep a check on the position size - Religare Broking Ltd
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NIFTY
* Nifty traded with volatility, losing nearly half a percent as the consolidation phase continued.
* Most sectors ended lower, with energy, metals, and autos among the top losers.
* Nifty is hovering around the support of its short-term moving average, 20-day EMA i.e 24,900.
* Sustaining this level is crucial for any potential rebound; otherwise, profit-taking may resume.
* Traders are advised to maintain a stock-specific approach and hold positions on both sides of the market.
BANKNIFTY
* Banking index retreated from day's high and lost over half a percent on weekly expiry day.
* PSU banking stocks remained under pressure while mixed trend continued among the private banking stocks.
* The index is experiencing erratic swings in line with benchmark index. This is likely to persist until a clear directional move is seen.
* Traders should prefer hedged approach and keep a check on the position size
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