Nifty opened the week on a strong footing, rallying nearly 4%, driven by supportive global and domestic cues - Religare Broking Ltd
NIFTY
* Nifty opened the week on a strong footing, rallying nearly 4%, driven by supportive global and domestic cues.
* All major sectors contributed to the rally, with IT, realty, and metals leading the gains.
* Having crossed the previous swing high of around 24,857, the index is now poised to inch towards the 25,200 level, while the 24,400–24,600 zone is expected to offer strong support on any dip.
* In light of the widespread buying momentum, a “buy on dips” strategy remains prudent.
BANK NIFTY
* The banking index saw a strong uptrend, mirroring the rally in the benchmark indices, and closed with a gain of over 3%.
* Most major banks, except IndusInd Bank, participated in the rally, with Axis Bank and ICICI Bank leading the charge.
* This upward movement has reversed the recent lower-high pattern, forming a bullish flag.
* As long as the index remains above the 55,000 level, the outlook will remain positive.
* However, for momentum to pick up further, Bank Nifty needs to break past its all-time high resistance near 56,100
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