Nifty Continues Uptrend Amid Strong Global Sentiment - Religare Broking Ltd
NIFTY
* Nifty extended its gains for the third consecutive session on Tuesday, supported by favourable global cues and sustained buying in select heavyweight counters.
* However, resistance near the 24,000 mark capped the upside, and the index eventually settled at 23,989.15, up 0.57%.
* We maintain our view that the index could potentially retest the 24,200-24,500 zone in the near term, while the 23,650-23,800 region is likely to act as an important support area.
* With participation broadening across sectors, we recommend favouring relative outperformers while also booking profits on rallies until there is clearer confirmation of a sustained trend reversal.
BANKNIFTY
* The Banking Index extended its positive momentum for a fourth consecutive session, maintaining a firm position above key short- and medium-term moving averages.
* The index opened in line with the previous session’s close and traded within a narrow range throughout the day.
* Momentum remained mixed, with Federal Bank and HDFC Bank outperforming, while AU Small Finance Bank and IDFC First Bank underperformed.
* Immediate resistance is placed at 58,600, while support is established near 56,200.
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