Nifty continued its consolidation phase for yet another session but managed to end marginally in the green - Religare Broking Ltd
NIFTY
* Nifty continued its consolidation phase for yet another session but managed to end marginally in the green.
* After a flat start, the Nifty traded in a narrow range for most of the day; however, a surge in the final half hour helped the index cross the 25,500 hurdle, eventually settling at 25,522.50.
* The broader indices also witnessed volatility but ended with marginal losses.
* However, participants should avoid complacency and maintain their focus on stock selection, as sectoral participation continues on a rotational basis.
BANKNIFTY
* The banking index remains confined within a narrow range of 56,600 to 57,600, maintaining its position above the 20-day EMA.
* The sector exhibited mixed performance, with Kotak Bank leading upside with gains exceeding 3%, while Axisbank and Federalbank were notable underperformers.
* A decisive breakout above the upper resistance level near 57,600 would likely indicate a clear directional move.
* Key resistance is anticipated in the 58,000 to 58,500 zone, while support levels are expected near 56,600.
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