IGI Logo

Nifty

* Nifty edged marginally lower in a volatile session, in continuation to its prevailing consolidation phase.

* On the benchmark front, the Nifty index slipped around 0.13%, settling at 25,169.50 level.

* On the sectoral front, auto and metal stocks stood out, gaining ground, while PSU banks also held up.

* Technically, Nifty appears to be consolidating range after three successive weeks of rise.

* We thus recommend a cautious stance: focus on sectors with relative strength, manage risk carefully, and avoid large directional bets until clearer cues emerge.

Bank Nifty

* The banking index regained upward momentum after two consecutive sessions of decline, reaffirming a broadly positive trend.

* The 50-DEMA continues to provide robust immediate support, with the index trading comfortably above the 20, 100 and 200-DEMA levels.

* While overall movement was mixed, the bias remained positive, led by gains in AU Bank and IndusInd Bank, whereas HDFC Bank and IDFC First Bank underperformed.

* Key technical levels highlight resistance near 56,200 and strong support around 54,750.

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330