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NIFTY

* Nifty strengthened recovery and gained nearly a percent, in continuation to Friday’s rebound.

* All the key sectors contributed to the move wherein auto, banking and FMCG were among the top gainers.

* Nifty has reclaimed its short term moving average i.e. 20 DEMA but sustainability is critical to inch towards the record high.

* Traders should continue with a hedged approach and stay focused on stock selection.

BANK NIFTY

* Banking index traded higher in continuation of its Friday’s up move.

* Barring HDFC Bank, all other banking majors closed in green wherein Axis Bank and PNB contributed the most.

* After this recovery, the index is likely to hover within the range where upside seems capped at a bearish gap of 48,250 -48,500 and on the flipside 47600-47000 withholds the intermediate support.

* Amidst the global scenario and monthly expiry, volatility will be around the corner and therefore one should not get trap on deceptive move on either side.

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