Nifty ended a 2-week long consolidation phase on Friday and gained over a percent -Religare Broking Ltd
NIFTY:
* Nifty ended a 2-week long consolidation phase on Friday and gained over a percent.
*The IT pack, realty and PSU posted decent gains while auto and pharma traded subdued.
* We are now eyeing 22,150 in Nifty however selective participation from banking could keep the momentum in check.
*Suggest focusing on other key sectors and using any pause or dip to accumulate quality names.
BANKNIFTY :
* Banking index remained strong for the day and finally settled gaining over half a percent.
*Mixed trend continued among theprivate banking majors. Wherein ICICI bank and Kotak bank contributed the maximum.
* It has surpassed intermediate resistance of 47600 and reclaimed its short term moving average.
* Now sustainability above 47600 is important for further rebound towards 48000-48400
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