The banking index continued to surge higher for the third consecutive session - Religare Broking Ltd
NIFTY
* Markets edged higher, gaining nearly half a percent as the recovery phase continued.
* On the sectoral front, banking, energy, and FMCG were among the top gainers, while auto and pharma sectors remained subdued.
* With the Nifty now above the 23,400 hurdle, a sustained move could pave the way for a test of the previous swing high around 23,800.
* Traders are advised to align their positions accordingly, focusing on the sectors that continue to outperform.
BANKNIFTY
* The banking index continued to surge higher for the third consecutive session and closed near the day’s high with a gain of one and a half percent.
* All the banking majors ended in green with Indusindbk and Axisbank leading the up move.
* After this vertical surge, the index might take a breather to digest the gains, however, the overall trend remains positive.
* Any pullback can be utilised as buying opportunity for a potential target of 53800-54000 levels.
* Rotational buying is seen among the banking majors and hence right stock selection can yield substantial returns.
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