IGI Logo

NIFTY

* Nifty traded in a narrow range and ended almost unchanged due to the absence of any fresh triggers.

* As a result, the Nifty once again tested the resistance around the 25,250 level and eventually settled at 25,212.

* We believe a decisive close above the 20-day EMA, around 25,250, could open the door for further recovery.

* Otherwise, profit-taking may resume, with key support in the 24,900–25,000 zone.

* Traders should maintain a cautious stance and focus on stock selection based on relative strength and earnings outcomes.

BANKNIFTY

* The banking index experienced another range-bound session, albeit with a positive bias, closing with modest gains of 0.28%.

* As long as the index sustains above the 21-day exponential moving average (DEMA), short-term momentum is expected to remain strong.

* Performance among index constituents was mixed, with PNB emerging as the top performer, while AUBank registered the most notable decline during the session.

* Immediate support is observed near the 56,600 level, while resistance is anticipated around 57,600 on the upside.

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330