IGI Logo

Nifty

* Nifty extended its decline on Friday, losing over half a percent in line with weak global cues.

* After an initial uptick, the Nifty soon came under sustained selling pressure and drifted lower through the session, eventually closing near the 25,683 level, down by around 0.75%.

* From a technical perspective, the decline has disrupted the short-term up move in the Nifty, with the index now retesting its medium-term support zone near the 100 DEMA around the 25,600 level.

* In the current environment, a selective approach with controlled position sizing and balanced exposure on both sides is advisable.

Bank Nifty

* The banking index extended its corrective phase for a third consecutive session, closing the week in negative territory despite recording a fresh all-time high earlier.

* The index opened weak and remained under sustained selling pressure throughout the session.

* Market breadth was mixed, with AU Bank and Union Bank outperforming, while ICICI Bank and Axis Bank underperformed.

* Immediate resistance is seen near 59,800, with key support around 58,700.

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330