Nifty Ends Lower at New Series Start - Religare Broking Ltd
NIFTY
* Nifty traded on a subdued note at the onset of the new monthly series, with benchmark indices ending lower after failing to sustain the early gains.
* Technically, we continue to maintain our consolidation view on the Nifty, with the 24,000–24,100 zone expected to provide immediate support, while the 24,400–24,500 region is likely to act as the key resistance band.
* We recommend maintaining a cautious stance on the index and focusing on relatively stronger sectors such as metal, auto, and select banking names for long positions, while adhering to disciplined risk management.
BANK NIFTY
* The banking index regained momentum and closed higher, reclaiming the 20 DEMA and reinforcing near-term strength.
* Following a gap-up opening, the index remained largely range-bound throughout the session, indicating consolidation at elevated levels.
* Sectoral breadth was mixed, with Kotak Bank and Axis Bank outperforming, while IndusInd Bank and AU Bank remained relative laggards.
* Immediate resistance is placed near 58,300, whereas 57,200 remains the crucial support zone.
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