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An evening walk down Dalal Street: Nifty on track to hit 10,700; SBI, BoB top bets among PSU banks

A day of consolidation but bulls managed to keep benchmark indices afloat above their crucial support levels which is a positive sign for the bulls. The S&P BSE Sensex held on to its support at 38,000 while Nifty closed above 11,400. The final tally: The S&P BSE Sensex closed 70 points higher at 38,095 while the Nifty50 closed 35 points up at 11,462. The S&P BSE Mid-cap index closed 0.2 percent lower while the S&P BSE Small-cap index fell 0.13 percent. It looks like, investors are awaiting the outcome of the US Fed policy meeting due later in the week to get more cues about global market movement. In terms of individual stock, as many as 58 stocks hit their fresh 52-week highs which include names like PVR, HDFC Bank, UPL. Jubilant LifeSciences, ICICI Bank, IDFC First Bank, Axis Bank, JustDial, and Karnataka Bank among others. The NiftyBank hit yet another record high of 29,812. It closed 214 points higher at 29,596, led by gains in Axis Bank, Bank of Baroda, Kotak Mahindra Bank, PNB, ICICI Bank, and HDFC Bank among others. If investors plan to play the upswing in the NiftyBank then PSU banks are looking attractive at current levels, suggest experts. Among PSUs, investors can look at SBI as well as Bank of Baroda. “Nifty has rallied from 10,628 to 11,530 which translates into 8.5 percent return from the bottom. We are bullish on the market and expect the Nifty to climb 11,760,” Ritesh Ashar –

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