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Nifty

* Nifty edged higher and gained nearly half a percent, in continuation of Wednesday’s surge.

* Majority of the sectors were aligned to the move. IT and realty were among the top performers.

* Nifty has tested the target zone of 19,850 and we expect a breather now.

* Maintain “buy on dips” approach. Buoyancy on broader front is added positive.

Banknifty

* Banking index traded volatile and finally settled unchanged, in continuation to its prevailing underperformance.

* A sharp decline in the banking majors like Axis Bank and ICICI Bank in final hour engulfed all the gains.

* Needed sustainability above 44,100 to extend the recovery else profit taking would resume.

* Reiterate our view to stay selective and prefer stocks which are showing relatively higher strength.

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