IGI Logo

NIFTY

*  Nifty remained volatile for yet another session but managed to end with modest gains. 

*  On the sectoral front, FMCG and realty posted decent gains while metal and banking were on the back foot. 

*  All the key sectors are contributing to the recovery in the index however the underperformance of the banking pack is capping the momentum. 

*  We reiterate our advice to continue with stock-specific approach and utilize dip or consolidation to accumulate quality names.

BANK NIFTY

* Banking index underperformed the benchmark index and closed the session losing over half a percent. 

* HDFC Bank and Kotak Bank closed marginally higher. Wherein ICICI Bank, SBIN and Axis Bank capped the upside. 

* It is facing hurdle around its short term moving average i.e. 20 DEMA. 

* Thus going ahead, sustenance above 48050 would be critical for the index to extend its recovery.

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330