Banking index outperformed the benchmark and gained more than a percent - Religare Broking
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NIFTY
* Nifty started the week on a positive note and gained over half a percent.
* Noticeable buying in banking and financial majors combined with recovery in realty and select IT majors boosted sentiment.
* Need sustainability above 17,850 levels to extend the tone. Other sectors should also contribute.
* Meanwhile, focus on performing sectors and avoid contrarian trades.
BANKNIFTY
* Banking index outperformed the benchmark and gained more than a percent.
* Among the stocks, ICICI Bank, HDFC Bank and Axis Bank were the top contributors. Select PSUs also performed well.
* Expect the positive tone to continue. Eyeing 43,000+ zone now.
* Apart from the frontliners, focus on Federal Bank, IDFC First Bank, Bank Baroda and Canara Bank for fresh buying.
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