Nifty extended up move after a day of pause and gained nearly half a percent - Religare Broking Ltd
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NIFTY
* Nifty extended up move after a day of pause and gained nearly half a percent.
* Trend was mixed on the sectoral front wherein auto and IT posted strong gains while realty and FMCG ended in the red.
* Expect positive tone to continue, with some intermediate consolidation citing hurdle at 20300 levels.
* Maintain a “buy on dips” approach and look for stocks offering a favorable risk to reward ratio.
BANK NIFTY
* Banking index opened on positive note and remained volatile to close higher by half a percent.
* Mixed trend was witnessed among the banking participants. HDFC Bank, ICICI Bank and Axis Bank contributed the maximum.
* It closed above intermediate resistance of 46200. Sustainability above the same would provide further strength.
* Expect the positive tone to continue in HDFC Bank, Axis Bank, ICICI Bank and SBIN.
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