Banking index underperformed the benchmark index for yet another session but closed marginally higher - Religare Broking Ltd
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NIFTY
* Nifty started the week on a positive note and gained over half a percent.
* Most sectors traded in tandem and ended higher. Metal, energy and IT were among the top gainers.
* Rebound is largely on the expected lines. Need sustainability above 19,850 in Nifty to resume the uptrend.
* Seeing leading sectors like banking, auto and FMCG taking a breather while others are catching up now. Plan trades accordingly
BANK NIFTY
* Banking index underperformed the benchmark index for yet another session but closed marginally higher.
* Barring Kotak Bank, all other banking majors ended in green wherein Indusind Bank, HDFC Bank, SBI and Axisbank were among the top gainers
* Index edged higher from the support zone of 45300, which coincides with its short term moving average i.e 20 EMA.
* Reiterate our preference for private banks and suggest staying selective in PSU pack.
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