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09-10-2023 09:56 AM | Source: Religare Broking Ltd
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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