Banking index traded volatile for yet another session and finally closed with half a percent gain - Religare Broking Ltd
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NIFTY
* Nifty edged higher and gained nearly half a percent, in continuation of the prevailing trend.
* Majority of sectors were aligned with the move wherein FMCG, metal and energy were among the top gainers.
* We are eyeing the 22,850-23,100 zone in Nifty ahead and expect the 22,350- 22,500 zone would act as a strong support in case of any profit taking.
* Beginning of the earnings season would trigger stock-specific volatility ahead so participants should plan their positions accordingly.
BANKNIFTY
* Banking index traded volatile for yet another session and finally closed with half a percent gain.
* On sectoral front, most private and PSU banking stocks showed strength, offering support on a rotational basis.
* We are eyeing 49200 and 49500 zones in the banking index, while 48700 to offer cushion in the near term.
* Advise to focus on risk management and stocks which are showing higher relative strength like Kotak Bank and SBI.
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