Finally surpassed hurdle at 17900, Up move could be gradual - Religare Broking
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Nifty
* Nifty recovered strongly on Tuesday and gained nearly a percent.
* Mixed trend on the sectoral front. IT, Banking, FMCG and metal were the top performers.
* Indications are favorable for further recovery and we’re now eyeing 18,200 in Nifty.
* Upmove could be gradual citing restricted participation by select index heavyweights.
Bank Nifty
* BankNifty also witnessed recovery and gained nearly a precent.
* It tested the immediate hurdle at 41700 but couldn’t sustain.
* Top 3 private banking names viz. ICICI Bank, HDFC Bank and Axis Bank contributed maximum while others traded mixed.
* Need a decisive breakout above 41,900 for fresh momentum and outperformance.
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