Banking index inched higher for third consecutive day and closed higher by half a percent - Religare Broking Ltd.
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Nifty
* Nifty edged higher on the expected lines and gained over half a percent.
* Mixed trends continued on the sectoral front wherein energy, FMCG and banking were among the contributors while metal, auto and realty traded under pressure.
* We have been seeing selective heavyweights making noticeable contributions to the index gains and today it was Reliance that stole the show.
* We reiterate our view to continue with a “buy on dips” approach, with a focus on sectors/themes for stock selection.
BANKNIFTY
* Banking index inched higher for third consecutive day and closed higher by half a percent.
* Baring HDFC Bank all other banking majors closed in green. Wherein ICICI Bank and Axis Bank performed well.
* We expect bullish tone to persist and thus maintain “Buy on Dips” approach with support at 52350 and 51900 levels.
* Traders should focus on the stocks which are showing higher relative strength like Axis Bank, ICICI Bank and Kotak Bank.
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