Nifty ended slightly up, lifted by sweeping GST reform signals - Religare Broking Ltd
Nifty
* Nifty witnessed a volatile session and ended marginally higher, supported by sweeping GST reforms that signaled a structural tax overhaul.
* The Nifty opened on a strong note, led by sharp gains in auto and consumer staples, but profit-taking and weakness in select heavyweights dragged the index lower as the day progressed.
* Sector-wise, auto, financials, and FMCG led the advance, while IT, energy, and realty were the notable laggards.
* Hence, we recommend maintaining selective exposure to structurally strong themes while keeping a close eye on the risk–reward equation.
Bank Nifty
* The Banking Index is exhibiting early signs of a bullish reversal, with a rebound suggesting accumulation and potential short-term bottoming near critical support.
* A strong reversal candle formed around the 200-day EMA (53,587), underscoring robust buying interest.
* Momentum was mixed, with IDFC First Bank, ICICI Bank, and HDFC Bank leading gains, while AU Bank and Canara Bank underperformed.
* Immediate resistance is placed at 54,900, whereas key support levels are aligned at 53,800 and 53,500, defining the near-term trading range.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ000174330
