Banking index rose, closing positive for fourth consecutive week - Religare Broking Ltd
NIFTY
* Nifty traded lower on Friday after the recent gains and ended with a cut of nearly half a percent amid weak global cues.
* After a soft start, the Nifty recovered most of its early losses during the first half; however, renewed selling across sectors dragged the index closer to the day’s low, eventually settling at 25,068.15.
* Looking ahead, a sustained move above 26,250 could drive the index towards 26,500.
* Traders are advised to stay focused on sectoral rotation, with auto and banking themes likely to remain in favour, while maintaining a stock-specific and risk-managed approach.
BANKNIFTY
* The banking index continued its upward trajectory, closing positively for the fourth consecutive week.
* Despite intermittent volatility and profit booking observed on Friday, the index maintained overall bullish sentiment.
* With the exception of IndusInd Bank, most banking constituents declined, led by notable weakness in Bank of Baroda and Canara Bank.
* From a technical standpoint, the index faces immediate resistance near the 59,500 level, while key support remains positioned around the 58,000 zone.
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