Nifty edged lower on the weekly expiry day, losing nearly half a percent and extending the ongoing consolidation phase - Religare Broking Ltd
Nifty
* Nifty edged lower on the weekly expiry day, losing nearly half a percent and extending the ongoing consolidation phase.
* Sectorally, most indices moved in line with the benchmark, with banking, financials, and metal among the top losers.
* The Nifty is once again approaching its immediate support zone near the 20-DEMA around 25,950, with the trendline support at 25,900 providing additional cushion.
* Meanwhile, participants should continue to adopt a stock-specific trading approach, with a short-term preference for auto, banking, pharma, and IT names, while also considering selective shorts in weaker pockets as a hedge.
Bank Nifty
* The banking index extended its corrective phase for a second session following its approach to record highs, prompting expected profit-taking.
* Opened with a downside gap and sustained bearish pressure through the session, culminating in an inverted hammer candle close.
* Momentum remained mixed, with IDFC First Bank and Federal Bank exhibiting relative strength, while ICICI Bank and Axis Bank underperformed.
* Technically, the index faces immediate overhead resistance near 60,000, with key support situated around 58,700.
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