Nifty began the week on a positive note, supported by upbeat Q1 GDP data - Religare Broking Ltd
Nifty
* Nifty began the week on a positive note, supported by upbeat Q1 GDP data.
* After an initial uptick, the Nifty traded in a range during the first half; however, renewed buying in select heavyweights pushed the index higher as the session progressed.
* Strength in auto, energy and IT stocks led the rebound, while both mid- and small-cap indices outperformed with gains of 1.7%–2.0%.
* In this backdrop, we recommend focusing on sectors and themes showing relative strength—such as auto, FMCG, and consumer durables, particularly consumer-facing segments—for long trades, while staying selective in others.
Bank Nifty
* After five days constant fall, banking index took a breather and rebounded on the very first trading session of the week.
* Currently 200 DEMA is working very fine, the index is respecting the levels so we might see a rebound over short term.
* Strength witnessed throughout the banking universe, except Hdfcbank all other banking participants closed in the positive territory.
* Immediate resistance is at 54,800, with key support levels at 53,500 and 53,000.
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