Nifty edged higher for yet another session and gained nearly a percent - Religare Broking
Nifty
* Nifty edged higher for yet another session and gained nearly a percent, in continuation of the prevailing up move.
* Mixed trend on the sectoral front kept the traders occupied wherein energy, metal and banking were among the top performers.
* The rotational buying across heavy weights is pushing the Nifty to a newer high despite the overbought reading.
* Traders should keep on trailing stop losses in the existing trades to capitalize on the prevailing trend.
Banknifty
* Banking index extended its upmove for second straight session and closed higher by over a percent.
* Baring Indusind bank, all other banking stock closed higher. Wherein ICICI bank, HDFC bank and SBIN contributed the most.
* The Buoyancy in the private banking majors indicates the prevailing tone to continue.
* Traders should align their positions accordingly and stay selective in the PSU space
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