Banking index traded lackluster in a narrow range but managed to settle with the gain of over half a percent -Religare Broking Ltd
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Nifty
* Nifty remained range bound but finally ended around the day’s high, in continuation of the prevailing uptrend.
* Mixed trend on the sectoral front kept the traders busy. Energy, pharma and banking posted modest gains while auto and IT traded subdued.
* Expect a positive move to continue but the momentum could be capped.
* Focus more on stock selection and utilize intermediate dip or a pause to accumulate.
Bank Nifty
* Banking index traded lackluster in a narrow range but managed to settle with the gain of over half a percent.
* HDFC Bank, SBIN and Kotak Bank aided stability while ICICI Bank and Axis Bank witnessed some profit taking.
* Chart pattern indicates more steam left. Maintain “buy on dips” approach.
* Apart from the private banking majors, SBIN, Canbk and PNB look upbeat from the PSU pack.
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