Nifty extended gains and almost retested the record high, tracking favorable cues - Religare Broking Ltd
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NIFTY
* Nifty extended gains and almost retested the record high, tracking favorable cues.
* All the key sectors participated in the move wherein metal, pharma and auto were among the top gainers
* The recent move indicates a change in tone but profit taking at record highs indicates caution among the participants.
* We suggest continuing focus on stock selection, with a preference for the index majors and large midcaps.
BANKNIFTY
* Banking index witnessed selling pressure in the last hour and trimmed some of its early gains to finally settled higher over 300 points.
* Barring AxisBank all other private banking majors closed in green. Wherein Indisind Bank and ICICI Bank were among top gainers.
* It has surpassed its intermediate hurdle of 47000 zone and reclaimed its short term moving average. i.e. 20 DEMA.
* Traders should remain stock specific and focus on stocks which are showing higher relative strength.
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