Nifty made a firm start to the week and gained over 3%, mainly in response to exit poll numbers suggesting political stability - Religare Broking Ltd
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Nifty
* Nifty made a firm start to the week and gained over 3%, mainly in response to exit poll numbers suggesting political stability.
* All the key sectors, barring IT, contributed to the move wherein banking and metal were among the top gainers.
* The index has now established a base in the 22,600-22,800 range, and a decisive close above 23,400 could propel it towards the 24,000 mark.
* Traders should focus on careful stock selection and effective risk management in planning their positions.
Bank Nifty
* Banking index opened with wide gap up and remained strong as day progressed and closed near the record high levels.
* Almost all the banking stocks contributed to the move. Wherein SBIN, ICICI Bank and HDFC Bank contributed the maximum.
* It has witnessed a breakout from the upsloping resistance trendline compliments bullish bias.
* Now, index has an intermediate support around 50600 zone, whereas on the higher side resistance comes around 52000 and 52800 zone.
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