Banking index opened higher but failed to capitalize its gains and settled gaining over half a percent - Religare Broking
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Nifty
* Nifty made a firm start and gained over a percent, tracking upbeat global cues.
* All sectors participated in the move wherein realty, IT and auto were among the top performers.
* Nifty has decisively crossed the trend line hurdle and looks set to test 19850 now.
* We reiterate our view to maintain a “buy on dips” approach and focus on stock selection.
Banknifty
* Banking index opened higher but failed to capitalize its gains and settled gaining over half a percent.
* Barring Indusind bank, all other private banking major closed in green. Wherein HDFC Bank, ICICI Bank contributed the maximum.
* It has surpassed the crucial resistance of 44000 zone, sustainability above the same would propel further upmove towards 44600.
* Traders should continue with the stock-specific approach, with bias on the positive side.
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