Nifty extended their gains on Tuesday and ended higher amid volatility - Religare Broking Ltd
Nifty
* Nifty extended their gains on Tuesday and ended higher amid volatility.
* After a flat start, the Nifty gradually moved up in the first half but once again failed to cross the 25,000 hurdle and slipped lower.
* Amid all, we recommend continuing with a “buy-on-dips” strategy as long as the Nifty holds above 24,750, with an upside potential toward 25,250 in the near term.
* With participation broad-based across most sectors, barring IT, traders should align their positions accordingly while maintaining a stock-specific approach
Bank Nifty
* The banking index staged a rebound after a brief consolidation near its 100 DEMA, thereby forming a sturdy base around a key support zone.
* Canbk and Federalbnk clearly led the rally while Hdfcbank and Aubank dragged the index lower.
* Sustaining these levels will be crucial for the continuation of positive momentum, with the next hurdle placed near the 56,600 mark.
* On the downside, immediate support is seen at 55,200, followed by 54,900.
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