Nifty extended rebound amid volatility and gained over half a percent - Religare Broking Ltd
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NIFTY
* Nifty extended rebound amid volatility and gained over half a percent.
* All key sectors contributed to the move. Realty, IT and financials were the top performers.
* Again trading at the hurdle of the short term moving average (20 EMA). Need sustainability to test 19800.
* Stay focused on stock selection and position management until clarity over the next directional move emerges.
BANKNIFTY
* The banking index underperformed for yet another session but closed marginally higher.
* Mixed trend capped the move. ICICI Bank and Indusind Bank edged higher while HDFC Bank and Axis Bank closed unchanged.
* Facing resistance on every rise. Need a decisive close above 44,700 to change the tone.
* Reiterate our view to limit trades and focus
on gradual accumulation on dips in private
banking space.
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