Banking index too tested a new record high and gained over half a percent - Religare Broking
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Nifty
* Nifty touched a new milestone of “19000” on monthly expiry day and gained nearly a percent.
* Most of the sectors contributed to the move. Metal, pharma and energy were among the top gainers.
* We maintain our positive view and suggest aligning positions accordingly.
* At the same time, avoid going overboard and stay focused on risk management.
Banknifty
* Banking index too tested a new record high and gained over half a percent.
* Mixed trend was witnessed. HDFC Bank, ICICI Bank and Axis Bank were the top contributors.
* Formed a higher base at 43,800. Upside potential of 45200+.
* Expect private banking majors to outperform. Plan trades accordingly.
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