Nifty started the week with modest gains and hit new life highs, gaining over half a percent - Religare Broking Ltd
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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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