The banking index witnessed yet another sideways trading session but clearly the tone was negative - Religare Broking Ltd
Nifty
* Nifty started the session on a firm note, supported by positive domestic cues and optimism around the GST Council meet.
* After an initial uptick, the Nifty inched gradually higher in the first half and tested the hurdle of the 20 DEMA near 24,735.
* We reiterate our preference for focusing on sectors and themes displaying relative strength, such as FMCG, auto, and consumer durables.
* Participants should align their positions accordingly, with an emphasis on stock selection.
Bank Nifty
* The banking index witnessed yet another sideways trading session but clearly the tone was negative
* Thought the index fell constantly throughout the session but still respected by 200 DEMA.
* The movement was mixed in the index, while Cnbk, Bankbaroda and Idfcfirstb was amongst the top gainers while Aubank, Icicibank and Kotakbank were the major losers.
* Immediate resistance is at 54,500, with key support levels at 53,500 and 52,700.
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