Nifty rebounded swiftly and gained over half a percent, taking a breather after two days of decline - Religare Broking Ltd
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NIFTY
* Nifty rebounded swiftly and gained over half a percent, taking a breather after two days of decline.
* Mixed trend continued on the sectoral front wherein a move in the realty pack was the highlight of the day.
* Feeble global cues combined with mixed trends across heavyweights are pointing towards further consolidation in the index.
* Traders should continue with stock-specific trading approach, with a focus on overnight risk management.
BANK NIFTY
* Banking index remained strong throughout the day and closed higher by over a percent.
* Barring Kotakbank and SBI all other banks closed higher. Wherein HDFC bank, Axis bank and Indusind bank contributed the maximum.
* It has reclaimed its short term moving average i.e. 10 DEMA, thus till its holding above the same upward momentum in continue.
* Going ahead, till 47900 is protected, index is expected to scale higher towards 48500 zone.
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