Banking Index Sees Range-Bound Session - Religare Broking Ltd
Nifty
* Nifty traded in a volatile yet narrow range and settled marginally higher amid mixed cues.
* Technically, the Nifty is encountering resistance near the 24,400 zone, which coincides with the 200-day EMA.
* While the broader recovery structure remains intact above the 24,100-24,000 support zone, the inability to sustain at higher levels suggests the possibility of a consolidation phase, before an extension towards 24,600–24,800 zone in the near term.
* We therefore maintain our "buy-on-dips" approach, with a preference for relatively stronger stocks across sectors while adhering to disciplined risk and position management.
BANK NIFTY
* The Banking Index traded within a narrow range, ending marginally lower and closing just below its 20 DEMA, while the 50 DEMA continued to provide immediate support.
* Following a gap-down opening, the index attempted a gradual recovery but failed to close in positive territory.
* Market breadth remained mixed, with SBIN and HDFCBANK ending positive and FEDERALBNK witnessed profit booking.
* Immediate resistance stands at 57,800, while 56,400 remains a critical support level.
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