Nifty witnessed recovery and gained over 3%, taking a breather after a sharp plunge - Religare Broking Ltd
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Nifty
* Nifty witnessed recovery and gained over 3%, taking a breather after a sharp plunge.
* Metal, auto, banking and FMCG were among the top performers on the sectoral front.
* The rebound in the index is encouraging however sustainability above the 22,600 zone would be the key now to inch towards 23,000. On the flip side, the 21,800-22,000 zone should offer a cushion in case of profit taking.
* We reiterate our preference for defensive viz. FMCG, IT and pharma and suggest staying selective in others.
Bank Nifty
* Banking index too witnessed a recovery after yesterday's fall and gained over four percent.
* The rebound was seen in all banking stocks, however, private banking majors contributed the maximum.
* Going ahead, expect index to be choppy and trade in a broader range with 49500 acting as immediate hurdle and 48200 as intermediate support.
* Thus traders should align their trades accordingly and focus more on stock selection.
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