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2024-09-17 09:13:20 am | Source: Religare Broking
Banking index continued to trade higher for yet another session and gained over 200 points - Religare Broking Ltd
Banking index continued to trade higher for yet another session and gained over 200 points - Religare Broking Ltd

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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