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2025-05-06 11:18:28 am | Source: Religare Broking Ltd
Bank index retested highs, slipped, and closed with weak bias - Religare Broking Ltd
Bank index retested highs, slipped, and closed with weak bias  - Religare Broking Ltd

NIFTY

* Nifty began the week on a subdued note, ending with a modest gain of half a percent while continuing the ongoing consolidation phase.

* After an initial uptick, the Nifty traded within a narrow range throughout the day and settled at 24,461.15.

* Barring the banking sector, all other indices closed in the green, with auto, energy, and FMCG emerging as the top gainers.

* Participants are advised to maintain a “buy on dips” approach, focusing on stocks demonstrating relative strength.

 

BANK NIFTY

* The banking index gave up its early gains after retesting higher levels and ended the session with a negative bias.

* A mixed trend was observed among major banking stocks, with most facing downward pressure—Kotak Bank and SBI were among the top losers.

* This minor correction has pushed the index back into a sideways consolidation phase, with a support zone between 54,400 and 54,100, while resistance remains strong around the 55,700–56,100 range.

* Until a breakout occurs, buying on dips may continue to be a viable trading strateg

 

 

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