The banking index recoup Friday` loss by gaining nearly one and a half percent - Religare Broking Ltd
NIFTY
* Nifty started the week on a strong note, gaining over a percent, driven by favorable cues.
* Additionally, strength in index heavyweight Reliance, following its results, further supported the move as the session progressed.
* On the sectoral front, all key sectors, barring IT, participated in the rally, with pharma, energy, and auto emerging as the top gainers.
* A decisive breakout above 24,400 could trigger fresh momentum in the Nifty, potentially propelling it towards the 24,800 mark.
BANK NIFTY
* The banking index recoup Friday’ loss by gaining nearly one and a half percent.
* All the banking majors ended in green wherein PSU counters like PNB, Bankbaroda, Sbin lead the momentum.
* The index rebounds from the support of its consolidation breakout, preventing further profit taking.
* Now, sustaining above this level will be crucial for the uptrend to resume without further downside correction.
* On the level front, 54400-53800 will continue to act as supports whereas 55600-56100 remains the immediate hurdle on the upside.
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