Nifty began the week on a volatile note and lost over half a percent, continuing the ongoing corrective phase - Religare Broking Ltd
NIFTY
* Nifty began the week on a volatile note and lost over half a percent, continuing the ongoing corrective phase.
* Most sectors ended lower, with IT, auto, and FMCG among the top losers.
* This has been a recurring trend for the past five weeks, where the Nifty shows a decisive move on the last trading day of the week but fails to sustain it as the new week begins, remaining stuck within the broader range of 24,400–25,200.
* Participants are advised to avoid aggressive bets and instead focus on selective stock picking based on relative strength during this consolidation phase.
BANKNIFTY
* The banking index traded within the previous candle’s range, showing indecision between bulls and bears.
* The index remained largely subdued but witnessed some volatility eroding all of its early session losses throughout the session.
* Stocks showed mixed trends, with Idfcfirstb and Pnb gaining, while Hdfcbank and Sbin declined.
* As the index continues to oscillate within a range, dips towards 55800-55400 can be utilized for longs, for resistance at 56600.
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