Nifty extended their positive streak on Wednesday, gaining nearly half a percent - Religare Broking Ltd
Nifty
* Nifty extended their positive streak on Wednesday, gaining nearly half a percent.
* After a gap-up start, the Nifty index moved within a narrow range during the first half, but volatility in the latter part of the session trimmed some gains, and it finally settled at the 24,973 level.
* On the downside, support has shifted to the 24,650–24,750 range.
* We maintain a positive bias and suggest using intermediate dips or consolidation phases to accumulate fundamentally strong counters across the board.
Bank Nifty
* The banking index broke out of a prolonged consolidation phase with a gap-up opening, though price action remained largely sideways during the session.
* The 200-period DEMA continues to provide strong support, while the 100-period DEMA is capping immediate upside momentum.
* Sector performance was mixed, with Canara Bank, Federal Bank, and AU Bank leading gains, while IDFC First Bank and ICICI Bank underperformed.
* Key resistance is identified at 55,200, with critical support positioned near 53,900.
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