Banks, FMCG stocks may outperform in near-term: HDFC Securities

BankNifty index has broken out from the "Flag" pattern on the daily chart, which indicates a fresh momentum buying the Banking stocks

Nifty outlook

Nifty is expected to move higher from the current levels. Banking and FMCG stocks are likely to outperform. Nifty has got strong support at 11,660 and the same can be kept as a stoploss in long positions. Upside targets for Nifty are seen at 12,250 and 12,430. The important development which gives the confidence that the markets would move up rather than down, is the technical setup of BankNifty, which has closed at the highest level since 28 August, 2020. BankNifty index has broken out from the “Flag” pattern on the daily chart, which indicates a fresh momentum