Banking index maintained the prevailing tone and retested the previous record high zone - Religare Broking
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Nifty
* Nifty started the week on a firm note and gained nearly half a percent amid mixed cues.
* Most sectors participated in the up move. Realty, FMCG and banking were among the top gainers.
* Rotational buying in heavyweights helping the index to maintain a positive tone despite mixed global cues.
* Indications are in the favor of prevailing trend to continue. Maintain focus on stock selection.
Banknifty
* Banking index maintained the prevailing tone and retested the previous record high zone.
* Participation was broad-based wherein HDFC Bank, Kotak Bank and SBIN were the key contributors.
* Chart pattern indicates the potential to test 44,800- 46,000 zone soon. Plan your trades accordingly.
* Reiterate our preference for the private banking majors and stay selective in PSU pack.
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