Nifty edged lower on Friday, extending their ongoing consolidation phase, as the Nifty declined over half a percent - Religare Broking Ltd
Nifty
* Nifty edged lower on Friday, extending their ongoing consolidation phase, as the Nifty declined over half a percent.
* After a flat start, the index attempted to move higher but faced consistent profit booking in heavyweight counters across sectors, dragging it lower as the session progressed.
* Technically, the Nifty is approaching a crucial support zone around 25,600, which aligns with its 20-day exponential moving average (DEMA).
* We continue to advise investors to use this consolidation phase to accumulate fundamentally strong names on declines, with a focus on sectors such as metals, autos, banking, and energy
Bank Nifty
* The banking index experienced profit booking for a second straight session yet concluded the week essentially flat, reflecting indecision.
* It remained above the 2 July swing high and continued to hold key moving averages.
* Momentum was mixed, with IDFC First Bank, Canara Bank, and PNB showing relative strength, while Kotak, ICICI Bank, and HDFC Bank weakened.
* Technically, the index faces immediate resistance near 58,400, with strong short-term support around the 57,200 level.
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