Nifty ends weak after volatile monthly expiry session -Religare Broking Ltd
NIFTY
* Nifty witnessed a volatile session on Tuesday, the monthly derivatives expiry day, and ended on a weaker note.
* After an initial downtick, the benchmark attempted a recovery in early trade; however, it failed to sustain and gradually drifted lower as the session progressed.
* On the technical front, the Nifty is attempting to hold above its short-term moving average (20 DEMA) near the 23,950 level amid heightened volatility.
* Our preference remains for energy, metals, capital market, and pharma stocks for long positions, while keeping position sizes in check.
BANK NIFTY
* The banking index resumed its weakness following a brief consolidation phase, breaching its prior range and closing below the 20-day DEMA.
* It opened with a downside gap and maintained persistent selling pressure throughout the session.
* Most constituents ended lower due to profit booking, led by Union Bank of India and Axis Bank, while Yes Bank and Kotak Mahindra Bank posted marginal gains.
* Immediate resistance is observed near 56,500, with key support at 54,300.
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