Banking index maintained its outperformance and gained over half a percent - Religare Broking
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Nifty
* Nifty traded range bound and ended marginally higher, taking a breather after the recent surge.
* Mixed trend on the sectoral front kept the participants busy. Auto, banking and realty posted decent gains.
* Expect the prevailing tone to continue. Reiterate our positional target at 17600.
* Adopt a stock specific trading approach. Maintain “buy on dips”.
Banknifty
* Banking index maintained its outperformance and gained over half a percent.
* Tested the hurdle at 40800. Likely to fill the gap on the daily chart now.
* Should hold 40,000-40,200 to maintain the positive tone.
* We reiterate our preference for private banks and suggest staying selective in PSU pack.
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