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NIFTY

* Nifty gained over half a percent and settled around the day’s high.

* Continued buying in banking combined with a recovery in IT played a key role.

* Expect the recovery to continue. Focus on stock selection.

* Besides, keep a close watch on global markets for cues.

* Performance of US markets will be critical for sustained recovery

BANKNIFTY

* Banking extended the prevailing up move and gained nearly half a percent.

* Buying was broad-based with noticeable momentum in the PSU pack.

* It might take a breather around 44,250.

* Continue with “buy on dips” and keep trailing stop losses on the rise.

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