Nifty started the September series with a strong rebound and gained nearly a percent - Religare Broking
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NIFTY
* Nifty started the September series with a strong rebound and gained nearly a percent.
* Most sectors contributed to the move wherein metal and energy gained maximum.
* Seeing a tussle around the short term moving averages. Need a decisive close above 19,500 for further recovery.
* Align positions accordingly and prefer stocks that are attracting consistent buying.
Banknifty
* Banking index opened on a flat note and remained strong throughout the session, settled with gain over a percent.
* Most constituents ended in green. Wherein Indusind Bank, Axis bank, SBI and Kotak bank were among the top contributors.
* Banking index respected 100 DEMA and closed around its short term averages. Sustainability above 44700 is critical for further upmove.
* Avoid aggressive longs and wait for clarity over the next directional move
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