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Nifty

* Nifty edged higher for yet another session and gained over half a percent.

* Mostly sectors contributed to the move wherein FMCG, realty and metal were among the top gainers.

* The rotational buying across the key sectors is helping the index to inch higher and we are now eyeing 20,500.

* We thus recommend continuing with a “buy on dips” approach with a focus on stock selection.

BANKNIFTY

* Banking index remained volatile after an uptick in first hour and finally settled higher over 300 points.

* Among the private banking majors, ICICI Bank and Axis Bank contributed the most while HDFC Bank and Kotak Bank remained subdued.

* It has surpassed 61.8% retracement level of its prior down swing.

* We maintain our bullish stance and suggest continuing with the “buy on dips” approach.

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