Nifty began the week with modest gains, continuing the prevailing positive trend - Religare Broking Ltd
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Nifty
* Nifty began the week with modest gains, continuing the prevailing positive trend.
* Sectoral performance was mixed, with gains in Realty, private banks, and IT, while pharma, metal, and FMCG sectors lagged.
* We anticipate the prevailing trend to persist, with Nifty gradually moving towards the 24,000 levels.
* We recommend maintaining a "buy on dips" strategy, focusing on stocks demonstrating higher relative strength.
BANKNIFTY
* Banking index outperformed the benchmark index and closed higher gaining nearly a percent.
* Private banking index outperformed the PSU banking stocks helping index to close near the days high.
* It has witnessed a breakout from the small consolidation and at the same time has surpassed 78.6% retracement resistance line.
* Thus we believe bullish tone to continue and banking index likely to inch higher to test its record high levels.
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