IGI Logo

NIFTY

* Nifty started the week on a strong note and gained nearly a percent, in continuation of the prevailing trend.

* Mixed trend on the sectoral front kept the momentum in check wherein realty, IT and auto traded subdued.

* The fresh buoyancy in the banking index has paved the way for a new high in the Nifty index.

* We reiterate our view to continue with a “buy on dips” approach and focus on stock selection.

BANK NIFTY

* Banking index outshined the benchmark index, closing at record high levels gaining over two and half percent.

* Almost all the banking majors participated in the move. Wherein ICICI Bank, HDFC Bank and SBIN contributed the maximum.

* We expect the upward momentum to continue and index to inch higher towards 49800 zones in the short term.

* Thus we maintain our bullish stance and among the space we like SBIN, ICICI Bank and Axis Bank.

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

SEBI Registration number is INZ000174330