IGI Logo

NIFTY

* Nifty extended rebound and gained nearly half a percent, in continuation to Friday’s move.

* Rebound in select heavyweights, especially from the energy and banking space, contributed the maximum

* It has reached closer to its immediate hurdle i.e. 19,200-19300 zone and is likely to face pressure on the rise.

* We thus reiterate our view to keep a check on long positions and utilize rebound to create shorts as well.

BANKNIFTY

* Banking index rebounded strongly from lows and closed near days high gaining over half a percent.

* Barring Axisbank, all other private banking major closed on higher side. Wherein ICICI Bank, HDFC Bank and Kotakbank contributed the maximum.

* Going ahead, 43250 zone is expected to act as a hurdle which coincides with its long term moving average (200 DEMA)

* Trade in sync with the trend while keeping a check on position size and risk management.

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330