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NIFTY

* Nifty staged a strong advance on Friday and gained over a percent despite weak global cues.

* A sustained move above the 24,400 zone, which coincides with 200-day EMA, could pave the way for an extension towards the 24,600 mark and beyond.

* On the downside, the 24,000 mark is expected to provide near-term support, followed by the 23,800 zone.

* While the broader trend has turned constructive again, we continue to advocate a stock-specific approach with a "buy-on-dips" strategy, focusing on sectors and themes that are demonstrating strength on rotational basis.

BANK NIFTY

* The Banking Index registered a decisive breakout above its prolonged consolidation range, finding strong support at the 20-DEMA.

* The index witnessed a gap-up opening and maintained strength throughout the session while constant higher top and higher bottom further supported upside.

* Market breadth remained mixed, with leadership from Federal Bank and Kotak Bank, while Yes Bank and AU Small Finance Bank underperformed.

* Immediate resistance is placed at 59,300, while 57,300 remains crucial support level.

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