Nifty extended gains Friday on favourable cues, rising over 1% - Religare Broking Ltd
NIFTY
* Nifty extended its up move on Friday, supported by favourable cues, and gained over 1%.
* Sectorally, the rally was led by auto and financial stocks, while IT stocks saw some profit booking following the TCS results.
* The index is witnessing a steady recovery and indications favor a gradual rise towards the 24,300–24,700 zone.
* Traders should maintain a positive yet cautious stance until the Nifty decisively holds above the key level of 23,500 i.e. 20 DEMA.
BANKNIFTY
* The banking index extended its up move after a brief pause and gained nearly 2%.
* The participation was broad-based across constituents, with FEDERALBNK, ICICIBANK, AXISBANK leading the gains.
* Technically, the index has moved past the 50% retracement level of its recent decline and is now approaching the 200 DEMA and 100 DEMA, placed around 56,700 and 57,200 respectively, which may act as near-term resistance zones.
* On the downside, immediate support is seen around the 55,000 level, while stronger support is positioned at approximately 54,300-54,000 mark.
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