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Nifty
Benchmark indices finally surpassed the higher band of the ongoing consolidation and ended above the higher band of 9400. Towards the end, the Nifty managed to gain 91 points. Nifty futures ended at a premium of 12 points. India VIX fell 1.5 percent, ending at 10.9.
Nifty Bank
After consolidating in a broader range, the index finally moved and ended well above 22800. As few PSU and midcap banks saw a muted performance. HDFC Bank along with Axis Bank stole the show. As FIIs have finally turned positive in the cash segment, the ongoing rally is likely to continue while the index is likely to test the highest Call base of 23000.
The Nifty is likely to open positive on the back of strong global cues. Buy Nifty in the range of 9410-9420 for targets of 9470-9490, stop loss: 9390.
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