Nifty began the week on a positive note and advanced nearly a percent, extending the rebound seen on Friday - Religare Broking Ltd
Nifty
* Nifty began the week on a positive note and advanced nearly a percent, extending the rebound seen on Friday.
* Sectoral participation was broadly supportive, with buying interest seen across the board; IT, metals and auto emerged as the top gainers.
* Looking ahead to the scheduled weekly expiry, the Nifty may face resistance in the 26,200–26,300 zone, which coincides with the record-high zone.
* However, the broader bias remains positive, and participants may look for buying opportunities on dips toward the 25,950–26,050 support zone.
BankNifty
* The banking index began the week on a positive note and gained nearly half a percent. After an initial uptick, the index moved within a narrow range before settling at 59,304.
* Barring SBIN and KOTAKBANK, all other major banking constituents ended the session on a positive note, with PNB and INDUSINDBK leading the gains.
* The index has managed to reclaim its 20-day EMA and move past a trendline hurdle. This improvement in structure could help the index move towards the 59,500–59,800 zone in the near term.
* On the downside, the 58,800–58,700 region is expected to continue acting as a key support zone.
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