Bank Nifty traded in line with the benchmark and gained nearly 2% - Religare Broking
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Nifty
* Nifty ended the last session of the financial year on a high note and gained over one and a half percent.
* All sectors contributed to the move wherein energy, IT and banking deserve special mention.
* Finally ended a 2-week long consolidation phase (16,800-17,200). Eyeing 17,600 now.
* Maintain positive bias but don’t go overboard. Focus on stock selection.
BankNifty
* Bank Nifty traded in line with the benchmark and gained nearly 2%.
* Surpassed the hurdle of long term moving average (200 EMA) decisively.
* Buying in private banking majors led the surge wherein ICICI Bank, HDFC Bank and Axis Bank contributed maximum.
* Reiterate our preference for private banks and recommend to staying selective in PSU pack.
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