Nifty extended gains and settled around the day`s high - Religare Broking
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Nifty
* Nifty extended gains and settled around the day’s high, in continuation to the prevailing trend.
* Mixed trend was witnessed on the sectoral front wherein IT pack was the highlight and metal & energy posted strong gains.
* We could see a breather in the index after the recent surge and expect to hold the 21,000-21,200 zone in case of any dip.
* Participants should align their trades accordingly and avoid contrarian positions.
Banknifty
* Banking index continues its upward momentum and settled above the milestone of 48000 gaining nearly a percent.
* SBIN took the lead, rallying almost four percent, while Kotak bank and Axis bank remained subdued.
* With strong display from the banking majors, this momentum might not fizzle out anytime soon.
* Thus we eyeing 48400-48600 zone in banking index in the near term.
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