Banking index outperformed the benchmark index and closed higher gaining nearly half a percent - Religare Broking Ltd
NIFTY
* Markets ended slightly higher in a lackluster session, pausing after the recent rally .
* Sectors like metals, FMCG, and banking supported the positive sentiment, while energy and IT remained subdued.
* Technically, there are signs of consolidation in the Nifty after it failed to break the resistance at 24,850 level
* Despite this, we maintain a bullish outlook on the markets and recommend focusing on selective stock picking
BANKNIFTY
* Banking index outperformed the benchmark index and closed higher gaining nearly half a percent.
* Majority of banking stocks were in tandem with the move wherein ICICIBANK and IDFCFIRSTB performed well while AXISBANK and INDUSINDBK ended marginally lower.
* The index has finally ended consolidation and at the same time placed well above its 20 EMA.
* Thus we believe bullish tone to continue and index to gradually move towards 51,600 level. In case of dip, 50650 is likely to act as cushion.
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