Nifty remained lackluster and range bound throughout the day and finally settled marginally higher - Religare Broking Ltd.
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Nifty
* Nifty remained lackluster and range bound throughout the day and finally settled marginally higher.
* On the sectoral front, Realty, Metal and Private banking witnessed upward momentum. While Pharma and Auto remained subdued.
* A decisive close above 23600, would open the way for 23800 and 24000 levels in the coming session.
* Apart from Banking and IT sectors, certain themes like Sugar, Fertizers, chemical, footwear and Paints are showing decent traction.
BANKNIFTY
* Banking index continued its up move for fourth consecutive session and closed the session higher by nearly 400 points.
* Baring SBIN and Indusind bank all other banking majors closed in green. Wherein ICICI Bank and HDFC Bank contributed the maximum.
* We anticipate the bullish tone to persist and index to gradually inch higher towards 52500 zone which coincides with 127.2% retracement line.
* Traders should remain stock specific and focus on stocks which are showing higher relative strength.
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