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2024-10-14 09:08:50 am | Source: Religare Broking Ltd
Banknifty nearly lost its previous day gains & traded within the range thereafter - Religare Broking Ltd
Banknifty nearly lost its previous day gains & traded within the range thereafter - Religare Broking Ltd

NIFTY

* NIFTY traded lacklustre on Friday and ended slightly lower amidst mixed cues.

* Sector-wise, the trend remained mixed—pharma and metal saw gains, while realty and banking finished in the red.

* We recommend maintaining a cautious stance on the Nifty until it decisively surpasses the 20-day DEMA i.e. 25300.

* Opportunities on both sides, traders should prioritize careful stock selection and effective trade management.

 

BANKNIFTY

* Banknifty failed to surpass its previous day closing & rejection seems bulky resulting profit booking from initial tick.

* Banknifty nearly lost its previous day gains & traded within the range thereafter.

* On the contrary index took support at 100 EMA again and immediate resistance at 50 EMA i.e. 51800.

* Traders can consider Bias is favoring consolidation wherein primary trend still seems optimal for “Sell on Bounce” unless 51800 is breached.

 

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