Banking index outshined the benchmark index and closed the session marginally higher - Religare Broking Ltd
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NIFTY
* Nifty traded volatile amid mixed cues and ended with a modest cut.
* Mixed trend on the sectoral front continued, which kept the participants busy wherein auto and energy ended in the green while IT and FMCG extended decline & lost over a percent each.
* We reiterate our bullish view on markets and suggest continuing with a “buy on dips” approach.
* We recommend keeping a check on the position size and preferring index majors and large midcap names.
BANK NIFTY
* Banking index outshined the benchmark index and closed the session marginally higher.
* Mixed trend continued among the private banking majors. Wherein HDFC Bank and Indusind bank closed in green. While ICICI Bank and Kotak Bank capped the upside.
* It has surpassed its previous swing high and holding firm above 61.8% retracement line.
* We thus suggests continue with “buy on dips” approach and focus on stocks which are showing higher relative strength.
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