Nifty resumed up move on the monthly expiry day and gained nearly a percent - Religare Broking Ltd
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NIFTY
* Nifty resumed up move on the monthly expiry day and gained nearly a percent.
* Most sectors contributed to the move wherein pharma, auto and energy were among the top gainers.
* The move has paved the way for a new high in Nifty soon, with strong support at 22,300 level.
* Traders should focus more on identifying stocks and continue with a “buy on dips” approach.
BANK NIFTY
* Banking index opened lower but witnessed the strong upward momentum as the day progressed and closed the session with the gains over 300 points.
* Barring kotakbank and HDFC Bank all other banking majors contributed to the move. Wherein Axis Bank and SBI rallied over 5% each.
* PSU Banking index outshined the private banks significantly, gaining over 3.5 percent.
* We are eyeing 48700 and 49100 in the banking index, as it has surpassed its hurdle area of 48200 zone.
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