Banknifty recovered strongly after the initial downtick and settled around the day - Religare Broking
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Nifty
* Nifty traded in a narrow range and ended marginally higher, mirroring Tuesday’s move.
* Most sectors traded in sync with the benchmark. Realty, FMCG and banking were top gainers.
* Eyeing a decisive breakout above 17,850 in Nifty for fresh momentum else consolidation may continue.
* Scheduled expiry of April month derivatives contracts would keep the choppiness high. Align positions accordingly.
Banknifty
* Banknifty recovered strongly after the initial downtick and settled around the day’s high.
* HDFC Bank, SBIN, Axis Bank and ICICI Bank were the top contributors among the banking heavyweights.
* Formed a strong candle on the daily chart. Expecting 43000+ zone to be tested shortly.
* Among the counters, focus on Axis Bank, ICICI Bank, SBIN and Federal Bank for fresh buying
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