Nifty edged higher, gaining over half a percent, and continued their consolidation phase - Religare Broking Ltd
Nifty
* Nifty edged higher, gaining over half a percent, and continued their consolidation phase.
* Following positive global cues, the Nifty opened with an uptick and moved in a range during the first half.
* We maintain our view that sustained trade above 24,600 on the Nifty could pave the way for further recovery, with the immediate hurdle at 24,800 and the next at 25,000.
* Traders are advised to align their positions accordingly, giving preference to index majors and large midcap counters for long trades.
Bank Nifty
* The banking index has exhibited range-bound movement over the past four sessions, consistently forming inside bar patterns.
* Price action remains near a significant support zone defined by the 61.8% Fibonacci retracement and the 100-day DEMA.
* Momentum indicators are mixed; AU Bank and Kotak Bank demonstrated relative strength, while IndusInd Bank and Canara Bank underperformed.
* The 54,900–55,900 range constitutes a key consolidation zone, reinforced by confluence support from both the 50-day and 100-day DEMA levels.
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