Banking index is consolidating in a range of 52800 and 52000 while holding above its short term moving average - Religare Broking Ltd
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Nifty
* Nifty resumed an uptrend after a normal breather and gained nearly a percent.
* Apart from the IT pack, energy and FCMG performed well while realty and auto were on the back foot.
* We need sustainability above the 24,500 mark to inch towards the new milestone of 25,000 mark.
* Apart from the domestic factors, participants should keep a close watch on the performance of the global indices, especially the US markets for cues.
BANKNIFTY
* Banking index failed to capitalize on early gains and ended almost unchanged.
* Mixed trend continued among the banking majors where AXISBANK and FEDERALBNK performed well whereas PSU banking majors remained under pressure.
* Banking index is consolidating in a range of 52800 and 52000 while holding above its short term moving average.
* Going ahead, breakout on either side of the range will provide further clarity.
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