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Nifty

* Nifty edged strongly higher in response to yesterday’s breakout and gained over a percent.

* Most sectors participated in the rally, the highlight was the strong performance by the banking and financials majors.

* It may take a breather around the previous record high and then gradually inch towards 20,500.

* We thus suggest focusing on quality large cap names from across sectors and picking selectively from the broader indices.

Banknifty

* Banking index opened on a positive note and inched higher for fourth straight session to settle over one and half percent higher.

* All private banking majors closed in green. Wherein HDFC Bank, Axis Bank and ICICI bank contributed the maximum.

* After a breakout from the reversal pattern, we expect outperformance from the banking index.

* Going ahead index is expected to test 45000 zone in near term.

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