Banking index outperformed the benchmark index and gained over a percent - Religare Broking Ltd
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NIFTY
* Nifty traded volatile and ended marginally in the green, in the absence of any major trigger.
* Strong rebound in the banking and financial majors kept the tone positive while the majority traded flat to negative.
* Both Nifty and the banking index are at 20 EMA now. Their alignment and a decisive breakout would be critical for further recovery.
* Reiterate our view on maintaining focus on stock selection.
BANK NIFTY
* Banking index outperformed the benchmark index and gained over a percent.
* Barring Indusind Bank, all the banking major ended in green. AXIS Bank, ICICI Bank, SBIN and Federal Bank contributed the maximum.
* Banking index has tested its short term average .i.e. 20 DEMA. Sustainability above 44500 would extend the upmove towards 45100.
* We suggest staying selective, as within the pack the trend is still sideways.
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