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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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