Nifty ends slightly higher after volatile Friday session - Religare Broking Ltd
NIFTY
* Nifty witnessed a volatile session on Friday and ended marginally higher, taking a breather after the previous session’s steep decline.
* We maintain our cautious stance given the prevailing negative sentiment and recommend preferring hedged positions over naked trades until greater stability emerges.
* On the index front, the 23,400–23,600 zone is likely to act as a resistance area in case of a rebound, while 22,800 remains a critical support level.
* As most sectors continue to face pressure, participants should maintain a stock-specific approach, focusing on relatively stronger stocks for long opportunities and weaker counters for short positions.
BANK NIFTY
* The banking index exhibited a mild recovery on Friday following a sharp decline in the prior session, yet continued to trade significantly below key short-and medium-term moving averages.
* Despite a gap-up opening, gains were partially eroded during the session, with the index ultimately closing marginally higher.
* Market momentum remained mixed, with Union Bank and Bank of India outperforming, while HDFC Bank and AU Bank lagged.
* Immediate resistance is observed near 55,500, with strong support around 52,600.
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