Banking index continued to remain lack luster for yet another day and closed the session slightly higher - Religare Broking Ltd
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NIFTY
* Nifty edged higher and gained nearly half a percent, in continuation of the prevailing uptrend.
* Mixed trend on the sectoral front kept the traders occupied wherein Auto, Pharma and FMCG posted strong gains. While IT and energy ended subdued.
* Nifty is inching closer to the hurdle i.e 24500 levels and we need participation form the banking index to overcome the mark.
* Traders should continue with "Buy on Dips" approach and focus on sectors/ themes which are align with market trend.
BANKNIFTY
* Banking index continued to remain lack luster for yet another day and closed the session slightly higher.
* Among the banking majors ICICI Bank, SBI and HDFC Bank closed in green. While Kotak Bank and Indusind bank capped the upside.
* Banking index hovering around its short term moving average from last three sessions.
* The consolidation likely to extent further as we are seeing mixed trend among the banking majors.
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Weekly Market Wrap by Amol Athawale, VP-Technical Research, Kotak Securities
