The markets resumed their upward trend after a brief pause, experiencing a gain of over one percent, driven by positive global signals. The strong performance of US markets led to a gap-up opening in Nifty, and the momentum continued throughout the session, settling near the day's peak at 21182 levels. All major sectors contributed to the rally, with IT, banking, and realty emerging as top gainers. The broader indices also saw gains ranging from 0.9% to 1.3%. The influence of robust US indices is expected to persist, and we are now targeting 21500 in Nifty. We reiterate our preference for banking and IT majors and advise a selective approach in other sectors. While the midcap and smallcap segments are in line with the overall trend, traders are urged to exercise caution in stock selection due to overbought conditions.
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