Nifty Ends Higher After Volatile Session Amid Mixed Market Cues - Religare Broking Ltd
NIFTY
* Nifty witnessed a volatile session on Tuesday and ended in the green amid mixed cues.
* Technically, bulls are attempting to defend the lower band of the declining channel near the 23,000 level in the Nifty; however, mixed trends among heavyweight stocks continue to keep market participants uncertain about the next directional move.
* We therefore maintain a cautious stance on the index and recommend focusing on stock-specific trading opportunities until a clearer direction emerges.
* Alongside pharma and healthcare, the banking sector-particularly PSU banks-also appears promising for shortterm trades, and positioning should align accordingly
BANKNIFTY
* The Banking Index demonstrated strong bullish momentum, gaining over 2% and closing decisively above key short- and medium-term EMAs, confirming trend strength.
* After witnessing a gap-up opening, the index sustained strength throughout the session, maintaining a higher-high, higher-low structure.
* Momentum remained positive, with all major banking stocks ending in positive territory, led by Bank of Baroda and Canara Bank.
* Resistance is placed near 55,900, while support stands around 54,400.
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