Banking index continued to trade higher for yet another session and gained over 200 points - Religare Broking Ltd
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NIFTY
* NIFTY remained lackluster for another session, closing marginally in the green, extending Friday's brief recovery.
* Sectoral trends were mixed, with energy and metals showing decent gains, while FMCG and IT saw slight declines.
* We continue to favor banking, financials, realty, metal, and IT sectors.
* Participants are encouraged to stick with a "buy on dips" strategy. Traders should focus on identifying stronger stocks with relative strength, accumulating them gradually during this phase.
BANKNIFTY
* Banking index continued to trade higher for yet another session and gained over 200 points.
* Mixed trend was witnessed among the banking participants wherein ICICIBANK and AXISBANK gained nearly a percent whereas SBIN and FEDERALBNK ended on a negative note.
* The move shows that bulls are in control thus participants should continue with a “buy on dips” approach.
* It is better to prioritize private banking majors that are trading in sync with the index upward momentum
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