Nifty started the week on a firm note and gained nearly a percent, in continuation of Friday`s surge - Religare Broking Ltd
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Nifty
* Nifty started the week on a firm note and gained nearly a percent, in continuation of Friday’s surge.
* Majority of the sectors traded participated in the move. Banking, financials, pharma and energy majors were top contributors.
* Sharp surge in the banking index after a pause in the IT pack reaffirms our bullish view. Eyeing a new milestone i.e. 20,000.
* Maintain focus on stock selection based on the sectoral trend and look for buying opportunities on dips.
Bank Nifty
* Bank Nifty outperformed the benchmark index and gained nearly one and half percent.
* Most constituents ended in the green. HDFC Bank, ICICI Bank, SBIN and Kotak Bank contributed maximum.
* Banknifty rebounded strongly from the anticipated support zone of 44,450 and engulfed the fall of last 7 sessions.
* Reiterate our preference for private banks and suggest staying selective in PSU pack
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