Nifty Ends Flat to Negative on Weekly Expiry - Religare Broking Ltd
NIFTY
* Nifty traded volatile on the weekly expiry day and ended on a flat to negative note amid mixed global and domestic cues.
* Technically, the index is trying to defend 24,000 level on a closing basis, but the overall trend remains weak and vulnerable to further downside toward the 23,900–23,800 zone.
* On the upside, the 24,150–24,250 zone, coinciding with multiple technical hurdles, is expected to act as a resistance band.
* We thus recommend continuing with “sell on rise” in the Nifty and maintaining stock-specific approach based on the sectoral performance, while adhering to strict risk and position management.
BANK NIFTY
* The banking index witnessed profit booking after displaying strength in the previous session, with price action oscillating between the 20- and 50-DEMA.
* After a firm opening, the index remained volatile before facing intensified selling pressure during the second half and closing lower.
* Sectoral breadth was mixed, with Kotak Bank and PNB outperforming, while Yes Bank and Axis Bank lagged.
* Immediate resistance is placed near 58,000, with 56,700 as crucial support.
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