"Bank index rose 1.2%, extending its uptrend to a new high." - Religare Broking Ltd
NIFTY
* Nifty opened sharply higher on the first day of the new expiry and gained over a percent, fully engulfing the recent decline.
* We maintain our positive outlook and recommend continuing a “buy-on-dips” approach unless the index decisively breaks below 25,800.
* On the upside, we now expect the 26,300–26,500 zone to act as the next resistance.
* With all key sectors contributing to the move, we advise focusing on stock selection with favourable risk–reward setups, while maintaining a preference for large-cap and large mid-cap names.
BANKNIFTY
* The banking index continued its upward journey, posting a strong advance of 1.2% and marking a new all-time high.
* From a technical standpoint, the Nifty has completely retraced the past three days of declines and is again approaching its record high.
* It opened with an upside gap and sustained bullish momentum throughout the session, finishing at the day’s peak.
* With the exception of SBIN, all other constituents closed firmly in positive territory. ? Technically, resistance is positioned near 60,400, while strong support remains around 58,800.
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