The Nifty index settled around the 25,713 level, up roughly 0.55% for the day - Religare Broking Ltd
NIFTY
* Nifty edged higher amid volatility on Monday, gaining nearly half a percent on the back of encouraging global cues.
* Consequently, the Nifty index settled around the 25,713 level, up roughly 0.55% for the day.
* Sectorally, the trend was mixed, with financials, FMCG and auto emerging as the top gainers, while IT and metal stocks ended in the red.
* We reiterate our view that participants should focus on stock selection and trade management, with preference for banking, auto, metal and energy counters for long positions, while the IT sector still appears vulnerable to further downside.
BANKNIFTY
* The banking index extended its positive momentum for a second consecutive session, maintaining a constructive short-term bias.
* The index opened on a firm note and, despite intraday volatility that pared early gains, managed to settle in positive territory.
* Stock-specific momentum remained mixed, with Kotak Bank and Union Bank showing relative strength, while IDFC First Bank and AU Bank underperformed.
* In the near term, immediate resistance is placed around 61,800, whereas key support is observed near 60,300.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
