The Banking index continued its outperformance and gained over 2 percent - Religare Broking
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NIFTY
* Nifty traded buoyant and finally settled with a gain of one and a half percent.
* Mostly sectoral indices traded in tandem wherein banking, financials and energy majors largely contributed to the gains.
* Nifty has reclaimed the long term moving average i.e. 200 EMA. Sustainability would be critical ahead.
* Maintain focus on stock selection and overnight risk management.
BANK NIFTY
* The Banking index continued its outperformance and gained over 2 percent.
* Among the stocks, HDFC Bank, SBI, ICICI Bank and Kotak Bank were the top contributors.
* Expect positive tone to continue. 41600-42100 zone next resistance.
* Reiterate our preference for private banking majors and stay selective in the PSU space.
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