Nifty showed strength amid mixed cues and gained over half a percent - Religare Broking Ltd
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NIFTY
* Nifty showed strength amid mixed cues and gained over half a percent.
* Mixed trend continued on the sectoral front wherein energy and auto performed well while IT and FMCG closed in the red.
* Nifty has finally surpassed the hurdle of short term moving average i.e. 20 DEMA but we need sustainability above 22,200 to extend the rebound.
* Traders should remain focused on stock selection and risk management.
BANKNIFTY
* Banking index remained volatile throughout the day and finally closed marginally higher.
* Private banks outshined the PSU Banks, wherein HDFC Bank and Axis Bank contributed the maximum. Whereas SBIN and BankBaroda remained under pressure.
* Banking index continues to oscillate in a range for forth session in a row, around its short term moving average i.e. 20 DEMA.
* Going ahead, sustainability above 47000 would be crucial to extend the recovery towards 47400 zones.
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