Nifty witnessed a decisive session on the monthly expiry day, gaining over a percent - Religare Broking Ltd
NIFTY
* Nifty witnessed a decisive session on the monthly expiry day, gaining over a percent.
* Most sectors participated in the rally, with metals, financials, and energy emerging as top gainers.
* We expect Nifty to gradually move towards its record high, with a possible pause around the 25,700–25,800 zone.
* We continue to favor rate-sensitive sectors such as banking, financials, auto, and realty, while recommending a selective approach for other segments.
BANKNIFTY
* The banking index surged higher to mark new record high on the monthly expiry day and end with a percent gain.
* Most of the banking majors traded in line with the move, wherein heavyweight HDFCBANK lead the gains followed by AXISBANK and ICICIBANK.
* The underlying trend remains positive, and Banknifty is now eyeing the levels of 58,000–58,500 zone, which aligns with the rising trendline resistance.
* On the downside, the support lies at 56500-56300 zone. Traders are advised to maintain buy on dips approach.
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