Nifty extended its rebound on Friday, gaining over 0.5% on the back of favorable global cues - Religare Broking Ltd
Nifty
* Nifty extended its rebound on Friday, gaining over 0.5% on the back of favorable global cues.
* All key sectors, barring FMCG, contributed to the up move, with metals, realty, and energy leading the gains.
* On the technical front, the Nifty has decisively crossed the immediate hurdle near 25,950, corresponding to the 20-DEMA, and holding above this level will be critical for extending the recovery and inch towards the record high again.
* We continue to advocate a stock-specific trading approach, with preference toward banking, auto, metal, and pharma pockets, while selectively exploring opportunities in other sectors.
BANK NIFTY
* The banking index decisively breached its short-term consolidation zone after three sessions of range-bound action.
* A gap-up open, followed by a brief gap fill and sustained intraday strength, reinforced the bullish bias into the close.
* Momentum remained selective, with IDFC First Bank and IndusInd Bank outperforming, while AU Bank and Bank of Baroda lagged.
* Technically, immediate overhead resistance is positioned near 60,100, while initial downside support is anchored around the 58,300 zone.
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