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NIFTY

* Nifty reclaimed its record high and gained over one and a half percent.

* On the sectoral front, auto, banking and IT were among the top performers while defensive viz. pharma and FMCG were slightly on the backfoot.

* We expect the prevailing tone to continue and alignment of the banking index may further induce the momentum

* We are now eyeing the 23,100-23,400 zone in Nifty and expect the 22,600-22,800 zone to offer a cushion in case of any dip

BANK NIFTY

* Banking index opened on a positive note and remained strong as the day progressed to settle higher gaining over two percent.

* All most all banking majors contributed to the move and closed on the positive note. HDFC Bank, ICICI Bank and Axis Bank contributed the maximum.

* It has registered a decisive breakout from the small base and reclaimed its short term moving averages.

* We are now eyeing 49200 and 49600 zone in the banking index in the short term.

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