Nifty ended the final trading session of the calendar year on a positive note, with the Nifty 50 gaining around 0.74% - Religare Broking Ltd
Nifty
* Nifty ended the final trading session of the calendar year on a positive note, with the Nifty 50 gaining around 0.74%.
* However, profit-taking in the final hour trimmed some of the gains, and the Nifty eventually settled at 26,134.
* From a technical standpoint, the Nifty has once again approached the upper end of its prevailing consolidation range near 26,200.
* We maintain a positive yet cautious outlook on the index and recommend a sector-specific approach, with a preference for banking, auto and metal stocks, while remaining selective in other sectors.
BankNifty
* The banking index extended its upside momentum for the second consecutive session, registering a bullish breakout and strengthening overall sentiment.
* The index opened with a positive bias and sustained higher levels throughout the session, indicating steady accumulation.
* Most major constituents traded firm, led by IndusInd Bank and Kotak Bank, while AU Bank and Federal Bank witnessed mild profit booking.
* Technically, index faces immediate resistance near 60,500, while key support is positioned around 59,000.
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