Nifty remained volatile for yet another session and gained nearly half a percent - Religare Broking
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Nifty
* Nifty remained volatile for yet another session and gained nearly half a percent.
* Recovery in banking, financials and IT played a crucial role in the rebound while auto, pharma and FMCG traded lackluster
* Technically, Nifty is trying hard to defend the lower band of the declining channel.
* Expect the rebound to continue. Focus should on stock-specific trading opportunities.
Banknifty
* Banking index also witnessed a rebound and settled with a gain of over one percent
* Buying traction in select private banking space viz. KotakBank, HDFC Bank and ICICI Bank pushed the index higher.
* Expect recovery to extend further. 39,800 -40,000 would act as a strong hurdle.
* Reiterate our preference for private banks over the PSU.
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