Banking index has outperformed the benchmark index and gained over a percent - Religare Broking
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Nifty
* Nifty managed to inch higher in a volatile session, in continuation to prevailing positive tone.
* Most of the sectors traded in line and posted decent gains. However, dip in IT majors ahead of earnings capped momentum.
* Nifty has crossed 17700 but sustainability would be the key. Now to test 18,100+ zone.
* Continuing with “Buy on dips” approach with focus on stock selection and risk management.
Banknifty
* Banking index has outperformed the benchmark index and gained over a percent.
* Among the stocks, Kotak Bank, Bank of Baroda, ICICI Bank and SBI were the top performers.
* Bank Nifty has witnessed a fresh breakout from its declining trend line channel and looks upbeat to maintain the positive momentum.
* We reiterate our preference for private banks and stay selective in the PSU space.
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