Nifty kicked off the week on a positive note, gaining over half a percent, buoyed by strong global cues - Religare Broking Ltd
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NIFTY
* NIFTY kicked off the week on a positive note, gaining over half a percent, buoyed by strong global cues.
* Sector-wise, realty and IT saw gains, while metals and energy remained subdued.
* Nifty closed above its 50 EMA, still faces resistance at the 25,300 level.
* Traders are advised to maintain a stock-specific approach and consider hedged strategies.
BANKNIFTY
* Banknifty exhibits multiple inside bars & final breakout forming symmetrical triangle after a steep correction as primary trend.
* Robust support at 100EMA & follow-on help breach its immediate resistance i.e. 50 EMA.
* Simultaneously the index has closed above 38.2% of its Fibonacci retracement of its previous primary trend
* Traders are recommended to have a close watch at 51750 as support & 52300 mark as 50% Fibonacci retracement for next leg of bounce.
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