Banking index traded lackluster in a narrow range and finally settled marginally higher - Religare Broking
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NIFTY
* Nifty extended rebound amid volatility and gained nearly half a percent.
* All key sectors contributed to the move wherein metal, IT and energy were among the top gainers.
* Indications are favorable for the further rebound as Nifty has surpassed a trend line resistance while holding above its short term average.
* We reiterate our view to focus on stock selection and preferring auto, IT and metal for long trades.
BANK NIFTY
* Banking index traded lackluster in a narrow range and finally settled marginally higher.
* Mixed trend was witnessed among the private banking majors. HDFC Bank and Indusind Bank were among the top contributors. Wherein Axis Bank, Kotak Bank and AU Bank capped the upside.
* The PSU pack edged higher and outperformed the private banking majors.
* Managed to close above its short term average. However, sustainability above 44800 is critical for further upmove.
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