Banking index surged strongly in the latter half of the session and gained over 700 odd points - Religare Broking Ltd
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NIFTY
* NIFTY reached a new high on the weekly expiry day, gaining nearly two percent.
* All sectors contributed to the rally, with metals, auto, and energy leading the gains.
* Nifty potentially can test the 25,550+ zone. On the downside, the 24,900-25,150 range is expected to provide support.
* Participants should focus on sectors and themes displaying consistent trends and prioritize large-cap and major midcap stocks for fresh buying opportunities.
BANKNIFTY
* Banking index surged strongly in the latter half of the session and gained over 700 odd points.
* All the banking majors participated in the move wherein KOTAKBANK and SBIN contributed the maximum.
* The move has paved way for the index towards 52000-52500 mark in short term.
* One should maintain “buy on dips” approach and expect 51400- 50900 zone to offer cushion in case of dip.
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Weekly Market Wrap by Amol Athawale, VP-Technical Research, Kotak Securities
