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Nifty traded volatile and gained nearly a percent, resuming its recovery phase - Religare Broking Ltd
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NIFTY
* Nifty traded volatile and gained nearly a percent, resuming its recovery phase.
* The majority of key sectors participated in the move wherein IT and realty were among the top gainers.
* Nifty has finally crossed the hurdle at 22,300 with marginal dip in the volatility index however its sustainability would pave the way for higher levels.
* Traders should align their trades accordingly, with focus on quality names.
BANK NIFTY
* Banking index remained volatile and witnessed wild swings on both sides and finally managed to close near days high.
* HDFC Bank, ICICI bank and Kotak bank contributed to the move, wherein SBIN and Indusind bank capped the upside.
* It has closed around its short term moving average i.e. 20 DEMA.
* Thus, going ahead a decisive move above 48150, would extent the recovery towards 48600 levels.
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