Nifty surged strongly and gained nearly a percent, tracking favorable global cues - Religare Broking Ltd
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NIFTY
* Nifty surged strongly and gained nearly a percent, tracking favorable global cues.
* All the key sectors participated in the move wherein realty and metal were among the top gainers.
* We may see some consolidation now and need sustainability above 22,200 to mark any meaningful recovery.
* Participants should stay stock-specific until we see clarity over the next directional move and stick with the index majors and large midcaps
BANKNIFTY
* Banking index opened gap up and rallied higher but failed to capitalize its early gains and finally settled around the opening range.
* Barring ICICI Bank all other banking stocks closed on a positive note. Wherein HDFC Bank and Indusind bank contributed the maximum.
* Banking failed to hold above its short term moving average (20 DEMA) and closed below the same.
* To continue its upward momentum, it would be crucial for Banknifty to sustain above 47000 zone.
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