Banking index traded volatile in a narrow range amid positive bias, in continuation of its prevailing trend - Religare Broking Ltd
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NIFTY
* Nifty started the week on a positive note and posted modest gains, in continuation of Friday’s move.
* All the key indices participated in the move wherein realty, auto and energy were among the top gainers.
* We reiterate our positive view and suggest continuing with a “buy on dips” approach.
* Meanwhile, traders should maintain their focus on stock selection and trade management.
BANKNIFTY
* Banking index traded volatile in a narrow range amid positive bias, in continuation of its prevailing trend.
* PSU banks outperformed the private banking majors providing support from lower levels to inch higher.
* Going ahead, if the index manages to surpass its intermediate hurdle of 52800, it would trigger some buying momentum. Conversely, selling pressure below 52000-51800 could halt the ongoing positive rally.
* Traders should align their position accordingly
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