Nifty edged higher in a volatile session, in continuation to the prevailing consolidation tone - Religare Broking
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NIFTY
* Nifty edged higher in a volatile session, in continuation to the prevailing consolidation tone.
* Most sectors contributed to the move. Auto, FMCG and pharma were among the top gainers.
* Expect consolidation to continue but the tone is likely to remain positive, thanks to rotational buying across sectors.
* Reiterate our view to focus on stock selection and utilizing this phase to gradually accumulate them on dips.
BANKNIFTY
* Banking index underperformed the benchmark index for the third consecutive session and ended marginally lower.
* Mixed trend was witnessed among the constituents. HDFC Bank and Axis Bank were top losers while Kotak Bank, Indusind Bank and IDFC First Bank capped the downside.
* Inching gradually towards the crucial support of 44,450. Limit leveraged positions.
* Utilise this phase to gradually accumulate private banking majors and stay selective in PSU pack.
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