Nifty edged higher and touched a new record, supported by favourable global cues - Religare Broking Ltd
NIFTY
* Nifty edged higher and touched a new record, supported by favourable global cues.
* After an initial uptick, the Nifty 50 climbed to an all-time high near 26,310 before ending flat.
* We expect the positive momentum to continue, with the Nifty gradually advancing toward the 26,500 mark.
* On the downside, immediate support lies in the 26,100–26,050 region, with major support near 25,800.
* Traders should maintain a “buy-on-dips” approach, focusing on sectoral rotation and strong stock-specific setups.
BANKNIFTY
* The banking index achieved another record high, reflecting sustained sectoral strength and reinforcing positive market sentiment.
* Following a gap-up opening, the index traded largely sideways while maintaining a constructive bias.
* Momentum was mixed, with ICICI Bank and Canara Bank exhibiting relative strength, whereas SBI and AU Small Finance Bank showed weakening traction.
* From a technical standpoint, immediate resistance is identified near 60,400, with strong support established around the 58,800 level.
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