We are seeing decent traction in the selective IT stocks and Infy is trading insync - Religare Broking
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Nifty
* Banking index inched higher in the final hour and closed at record highs gaining nearly a percent.
* Almost all banking major ended higher. Whereas HDFC Bank, Axis bank and ICICI bank contributed the maximum.
* Going ahead, sustenance above 47400 zone would attract fresh upward momentum towards 47900.
* Within the pack, HDFC bank, Kotak bank, SBI and ICICI bank are looking firm.
Bank Nifty
* We are seeing decent traction in the selective IT stocks and Infy is trading insync.
* It has registered a breakout from the descending channel on the weekly chart with noticeable volumes.
* It has formed a fresh buying pivot holding above its short term moving averages ribbon.
* We thus recommend creating longs through the Call option.
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