Banking Index extended its consolidation - Religare Broking Ltd
NIFTY
* Nifty remained volatile in the narrow range and closed flat, extending the ongoing consolidation phase.
* Nifty faced resistance in the 24,200 zone while holding above its immediate support of 24,050, where the 20-day EMA coincides with the rising trendline.
* On the upside, a decisive breakout above 24,200-24,300 may pave the way for an up move towards 24,500–24,600.
* We therefore recommend maintaining a stock-specific approach while adhering to disciplined risk and position management.
BANK NIFTY
* The Banking Index extended its consolidation for another session, continues to hold above 20 DEMA, which remains an immediate support.
* Despite a subdued opening, the index maintained a weak undertone with a consistent lower high–lower low formation throughout the session.
* Market breadth remained mixed, led by strength in Yes Bank and IndusInd Bank, while Union Bank and Federal Bank underperformed.
* Immediate resistance stands at 58,600, with 56,700 acting as key support.
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