Banking index traded in line with the benchmark index and gained over a percent - Religare Broking
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NIFTY
* Nifty managed to gain nearly a percent on the monthly expiry day amid excessive volatility
* Most sectors participated in the recovery wherein metal, realty and auto gained the maximum.
* Need a decisive close above 17,200 for further recovery.
* Reiterate our view to limit leveraged positions and focus more on risk management.
BANK NIFTY
* Banking index traded in line with the benchmark index and gained over a percent.
* Recovery was broad-based wherein HDFC Bank, Kotak Bank, SBIN and Axis Bank contributed maximum.
* Reached closer to its resistance zone of long term moving averages i.e. 200 EMA and the breakout would further strengthen the recovery.
* We reiterate our preference for private banking. Axis Bank, Federal Bank and Kotak Bank look best for short term
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