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NIFTY 

* Nifty edged higher on Wednesday, rising 0.55% to close at 26,052.65, reversing the previous session’s weakness.

* Sectoral performance was mixed: IT and banking stocks outperformed, while realty, energy, and metal counters lagged.

* We maintain a positive outlook amid the ongoing consolidation phase and expect the Nifty to attempt fresh highs on a decisive breakout above 26,100.

* Participants should continue to adopt a selective approach, focusing on sectors displaying strength, with a preference for large-cap and stronger mid-cap names.

BANKNIFTY

* The banking index recovered strongly after an initial dip, extending its ongoing rally and marking a fresh record high to close at 59,216.05.

* Barring Indusindbk and Idfcfirstb, most banking majors ended positive wherein PNB, Bankbaroda lead the gains.

* The index continues to display strength, with private banks now joining the up move while PSU banks sustain their steady momentum.

* The index has support at 58500, which aligns with the breakout neckline, followed by 58100 (20 EMA). The immediate resistance lies at 59500, with the psychological 60,000 mark acting as the next key hurdle.

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