IGI Logo

NIFTY

* Nifty edged higher and gained over half a percent, indicating a resumption of the uptrend after a pause.

* On the sectoral front, Banking, IT performed well while realty, metal and energy ended in the red.

* We maintain our positive view on the index and eyeing the new milestone i.e. 24,000 now.

* Traders should align positions accordingly and avoid a contrarian approach.

BANKNIFTY

* Banking index remained strong as the day progressed and closed at record high levels gaining over 900 points.

* Almost all banking majors contributed to the move. Wherein HDFC Bank, ICICI Bank and Axis Bank contributed the maximum.

* It has witnessed a breakout from the three days of consolidation and surpassed 127.2% external retracement line.

* We expect bullish tone to continue and now eyeing 53000 and 53500 levels in the banking index.

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330