Nifty traded dull after Thursday`s surge and ended almost unchanged. - Religare Broking Ltd
NIFTY
* Nifty traded dull after Thursday’s surge and ended almost unchanged.
* Mixed trend on the sectoral front kept the traders occupied wherein auto, banking and financials performed well while FMCG and realty witnessed profit taking.
* It is normal to see a pause after a strong up move and traders should utilise any dip around 22,750-22,850 in Nifty as a buying opportunity.
* Focus more on stock selection and reiterate our preference for large cap and large midcap for now.
* Stock of the Day – PFC.
BANK NIFTY
* Banking index extended its upmove for second consecutive day and ended the session gaining over 0.40 percent.
* Mixed trend was witnessed among the banking participants. Wherein HDFC Bank and Axis Bank inched higher. Whereas ICICI Bank and SBIN remained subdued.
* We expect the bullish tone to continue and any dips towards the support zone of 48600-48250 should be utilised as buying opportunity.
* Thus we advise traders to utilise the dips to accumulate the quality banking names and focus on stocks which are showing higher relative strength.
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