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Nifty hits all-time high; analysts watching banking stocks
For the Nifty, which turned flat after hitting the new high, to move higher, banking stocks will have to perform, say analysts Domestic benchmark turned flat after the Nifty hit all-time high of 22,248 in the morning trade on February 21 on slim gains in banking stocks. The Sensex and the Nifty were trading at 73,103 and 22,211 on opening deals. Broader markets outperformed benchmarks as Nifty Midcap 100 and Nifty Smallcap 100 indices gained up to 0.3 percent. Analysts said the sentiment is expected to remain bullish as long as the Nifty trades between 22,000-22,100 zone. Banking stocks will have to chip for the index to trade higher. "We predict some short covering in the Bank Nifty index today, which is the day of its weekly expiry. Traders are recommended to purchase on dips with a strict stop loss of 47,000 on a closing basis for the Bank Nifty," said Deven Mehata, Research Analyst at Choice Broking. Source - Money Control
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