Banking index traded higher in continuation of its Friday`s up move - Religare Broking Ltd
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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