Markets edged higher and gained nearly half a percent, in continuation of the prevailing trend - Religare Broking Ltd
NIFTY
* Markets edged higher and gained nearly half a percent, in continuation of the prevailing trend.
* A mixed trend continued on the sectoral front wherein FMCG, pharma and metal posted decent gains however profit taking in the banking and financial majors capped the upside
* Nifty might take a breather around 24,850 before inching towards 25,000+ level. In case of any dip, we expect the index to respect 24,450-24,600 zone
* Apart from the domestic factors, we suggest keeping a close watch on the US markets for cues.
BANKNIFTY
* Banking index recouped the early losses and managed to close flat on weekly expiry day
* Mixed trend was witnessed among the banking majors wherein AXISBANK and KOTAKBANK closed on a positive note while HDFCBANK and ICICIBANK ended in red.
* The recovery in last hour is supporting the positive sentiment but without a clear conviction.
* Thus we reiterate our view that sustenance above 50800 would be critical for the index to extend gains
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