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NIFTY

* Nifty started the week with modest gains and hit new life highs, gaining over half a percent.

* On the sectoral front, realty and metal performed well while FMCG and Auto traded subdued.

* We are now eyeing 22,700 in nifty thus participants should maintain a “buy on dips” approach.

* Traders should maintain a stock-specific approach and focus on the stocks which are showing higher relative strength.

BANKNIFTY

* Banking index opened with gap up and remained lackluster in a narrow range as the day progressed and finally settled higher by nearly a percent.

* Barring indusind bank all other banking ended in green. Wherein HDFC Bank and ICICI Bank contributed the maximum.

* We expect upward momentum to continue and banking index to inch higher towards 48000 levels.

* Traders should maintain “buy on dips” approach and accumulate the stock which are showing higher relative strength like ICICI Bank and HDFC Bank.

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