Nifty edged higher and gained over half a percent, tracking upbeat global cues - Religare Broking
Nifty
* Nifty edged higher and gained over half a percent, tracking upbeat global cues.
* All sectors, barring auto, contributed to the move. Realty, FMCG and pharma were top gainers.
* Surpassed the hurdle at 18,700 again but the key is to hold for further up move.
* Maintain positive tone but avoid going overboard citing a possible rise in volatility.
Banknifty
* Banknifty tested support zone of short term moving average i.e. 20 EMA and inched higher.
* Within the private banking majors, ICICI Bank, Axis Bank and HDFC Bank were the top contributors.
* Seeing consolidation within 43800- 44500. Either side break would trigger next directional move.
* Meanwhile, stay selective and prefer private banking majors over others.
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