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Below is quote on Daily Market Analysis by Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Market started the week on an upbeat note and gained nearly a percent, in continuation to Friday’s move.  The IT majors were on the front foot at the opening trade and the move further cascaded to select heavyweights from the banking and energy basket as the day progressed. Consequently, the Nifty index settled around the day’s high at 22,097.45 level. The broader indices also inched higher and posted modest gains.

Nifty may take a breather around 22,150 however the tone is likely to remain positive. We are closely eyeing the performance of banking majors for cues as others have done their part in the recent surge. A decisive break above 48,400 in the banking index could prompt the index to a newer high. Amid all, we thus suggest continuing with a “buy on dips” approach, with a focus on stock selection. 

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