Nifty extended gains for the seventh session in a row and rose nearly half a percent - Religare Broking
Nifty
* Nifty extended gains for the seventh session in a row and rose nearly half a percent.
* Mixed trend continued on the sectoral front wherein IT, energy and FMCG attracted noticeable buying.
* Noticeable traction in the key sectors is fuelling momentum in the index however we can’t ignore the possibility of some consolidation now.
* We advise to avoid the contrarian bets in anticipation of a major decline.
Banknifty
* Banking index underperformed the index after three days of rise and closed marginally lower.
* Most private banking stocks witnessed profit booking. Wherein ICICI Bank, Axis bank and kotak bank capped the upside.
* Post a vertical surge in Banknifty, consolidation cannot be ruled out.
* Recommend staying with the trend and utilizing a dip or consolidation as a buying opportunity
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