Key Points
Bank Nifty and Nifty are looking to US indices for directional cues, while the broader markets are outperforming..
The prevailing uncertainty on the global front and underperformance of the banking index, which holds considerable weight in the index, are capping the upside however index majors from the other key sectors like auto, FMCG and realty are helping in keeping the tone positive..
The US benchmark index, Dow Jones Industrial Average (DJIA), has been seeing consolidation but the broader indices, S&P 500 and Russell 2000, are inching gradually higher..
We recommend maintaining a positive stance till Nifty holds 18,400 and suggest focusing on sectors, which are showing relatively higher strength like auto, FMCG & realty and picking selectively from others..
A mixed trend among the banking majors, especially the private banks, is keeping the participants guessing over the next directional move.Technically, a decisive close for Bank Nifty above 44,500 would again fuel the momentum and help the index to inch towards the 45,100+ zone soon..
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