Nifty Ends Lower on Monthly Expiry Amid Ongoing Consolidation - Religare Broking Ltd
NIFTY
* Nifty traded in a volatile yet narrow range on the monthly expiry day and settled marginally lower, extending the ongoing consolidation phase.
* After a flat start, the Nifty oscillated sharply within the 23,800–24,000 range throughout the session before eventually settling at the 23,865.75 level.
* Technically, we continue to maintain our consolidation view on the Nifty until it decisively breaks out of the broader 20-day and 100-day EMA range of 23,800–24,200.
* We therefore recommend maintaining a stock-specific approach, with a preference for relatively stronger stocks within their respective sectors while adhering to disciplined risk management.
BANKNIFTY
* The banking index experienced profit-taking for the second consecutive session while maintaining a comfortable position above its short- to medium-term EMAs.
* Despite a firm opening, the index weakened progressively throughout the session.
* Momentum remained mixed, with Federal Bank and IDFC First Bank outperforming, while Yes Bank and Union Bank lagged.
* Immediate resistance is placed at 58,700, whereas 56,900 remains the key support level.
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