Nifty experienced volatility and closed nearly unchanged amidst mixed signals - Religare Broking Ltd
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Nifty
* Nifty experienced volatility and closed nearly unchanged amidst mixed signals.
* While profit-taking was observed across most sectors, strength in banking and IT sectors mitigated overall losses.
* Rotational buying across key sectors is supporting a positive market sentiment, yet without clear conviction.
* Thus, we advise continuing a strategy of "buying on dips" in the index and placing emphasis on selective stock picks based on sectoral or thematic factors.
BANKNIFTY
* Banking index continued its outperformance for yet another day to hit new record high and closed higher nearly 2 percent.
* Almost all banking majors contributed to the move. Wherein HDFC Bank, ICICI Bank and Axis Bank contributed the maximum.
* We expect the upward momentum to continue and eyeing 52500 levels in the coming sessions.
* Thus we continue to maintain our bullish stance and reiterate "buy on dips" approach in the banking index.
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