Banking Index Extends Third Straight Session Gains - Religare Broking Ltd
NIFTY
* Nifty witnessed a volatile session on Monday and ended almost unchanged amid mixed global cues.
* Technically, the Nifty continues to witness buying interest on declines near the 24,000 mark, indicating that the broader undertone remains positive despite heightened volatility.
* However, the index is still facing resistance in the 24,300–24,400 zone, and a decisive breakout above this band is required to extend the ongoing recovery towards the 24,600 mark and beyond.
* We continue to advocate a "buy-on-dips" strategy, focusing on relatively stronger stocks across sectors while maintaining disciplined risk and position management.
BANK NIFTY
* The Banking Index extended its upside for a third consecutive session, maintaining strength above all key moving averages.
* Despite a gap-down opening amid weak global cues, the index staged a strong recovery, forming higher highs and higher lows, reflecting sustained buying interest.
* Performance remained mixed, with Union Bank and Kotak Bank outperforming, while AU Bank and HDFC Bank underperformed.
* Immediate resistance is placed near 58,800, with 57,000 as critical support.
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