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Nifty continued with the consolidation bias for Friday as well and ended marginally in the green - Religare Broking Ltd
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Nifty
* Nifty continued with the consolidation bias for Friday as well and ended marginally in the green.
* Buying interest in auto, realty and metal pack kept the traders busy while IT was on the back foot.
* Indications are in favor of further consolidation in the Nifty index and traders should utilize any dip around the 23,100-23,300 zone for fresh positional longs.
* In case of a breakout, a decisive close above 23,600 could fuel an up move toward the 24,000 zone.
Bank Nifty
* Banking index continued to remained range bound for fifth consecutive session in a row and closed the day marginally higher.
* Among the banking majors, HDFC Bank and Axis Bank inched higher. While SBIN, Kotak Bank and ICICI Bank closed in red.
* It has been hovering around the intermediate hurdle of 50100 zone which coincides with 78.6% retracement levels.
* We need a decisive breakout above 50100 zone for further up move towards 50700 levels.
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