Nifty edged higher and gained over half a percent - Religare Broking Ltd.
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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.
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