Nifty continue to scale higher for fifth consecutive session - Religare Broking Ltd
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Nifty
* Nifty continue to scale higher for fifth consecutive session and witnessed a record closing gaining nearly 0.34 percent.
* On the sectoral front PSU Bank and IT witnessed profit booking wherein Pharma, FMCG and Oil and Gas sector remained top gainers.
* For index to continue its upward momentum, it would be crucial for the private banking majors to participate and contribute to the move.
* Stay focused on stock selection and refrain from aggressive bets.
BANKNIFTY
* Banking index remained range-bound after an initial upmove and closed the day gaining nearly 150 points.
* Baring ICICI Bank and SBIN all other major banks closed lower. Wherein Axis Bank and HDFC bank remained subdued.
* Going ahead, banking index has an intermediate hurdle around 46750, followed by 47100 levels.
* Mix trend among the private banking majors capping the upside.
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