Banking Index Stays Range-Bound - Religare Broking Ltd
Nifty
* Nifty extended its winning streak on Friday, supported by encouraging quarterly business updates.
* Technically, the Nifty has further strengthened its bullish structure by surpassing the crucial hurdle of the 200-day EMA around the 24,370 mark.
* The index now appears well-positioned to inch towards the 24,600 level, which coincides with the previous swing high, and a decisive breakout above this zone could open the door for a move towards the 24,800-25,000 mark.
* As long as the index holds above this level, the "buy-on-dips" strategy is likely to remain favourable.
* We reiterate our preference for relatively stronger stocks in auto and pharma, while selectively identifying opportunities across other sectors.
BANK NIFTY
* The banking index witnessed another range-bound session, despite briefly reclaiming the 20-DEMA before failing to sustain above it.
* The index opened with a positive gap but traded within a narrow range, reflecting indecisive momentum.
* Market breadth remained mixed, with AU Bank and Federal Bank showing relative strength, while HDFC Bank and ICICI Bank faced selling pressure.
* Immediate resistance is placed near 57,800, while 56,500 is working as a crucial support zone.
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