Bank Nifty Ends Higher, Reverses to Top of Consolidation Range - Religare Broking Ltd
Nifty
* NIFTY remained volatile for yet another session, slipping nearly half a percent after three consecutive days of gains.
* Sector-wise, IT and banking led the losses, while realty, metal, and energy showed strength.
* Focus on 23340, i.e., key pivot zones; sustaining above the same levels might show some vertical upside move.
* Amid this environment, we recommend exercising caution with aggressive positions and awaiting greater clarity.
Bank Nifty
* The Bank Nifty reversed to conclude at the higher end of the consolidation range after opening with an upward gap.
* The index climbed high on a robust reaction to the result session where Kotak Bank has posted better-than-expected results, closing approximately 9% higher.
* Expect the result session to add support to index near 48000 and continue to consolidate in the meantime.
* Traders are recommended to maintain positions on both sides and keep strict caution at 48000, i.e., recent swing lows.
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