Nifty Extends Consolidation Amid Sideways Trade on Mixed Market Cues -Religare Broking Ltd
NIFTY
* Nifty traded with a sideways bias on Tuesday, extending their consolidation phase amid mixed cues.
* The Nifty opened firm and remained range-bound for most of the session; however, profit booking during the final hour erased the intraday gains.
* We continue to maintain a cautious stance on the index until it decisively reclaims the 24,000 mark, with immediate support placed in the 23,250–23,450 zone.
* Sectorally, traders are likely to continue finding opportunities on both sides of the market; therefore, the focus should remain on stock selection based on prevailing sectoral trends.
BANKNIFTY
* The banking index remained range-bound throughout the session, reflecting directionless conviction amid sustained short-term bearish tone.
* The index opened in line with the previous session’s close and witnessed subdued trading activity with a negative bias.
* Stock-specific action persisted, with Punjab National Bank and Canara Bank outperforming, while Kotak Mahindra Bank and HDFC Bank underperformed.
* Immediate resistance is observed near 54,400, whereas strong support is positioned around the 52,700 level.
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