Nifty Extends Winning Streak for Seventh Session, Gains Over 1.5% - Religare Broking Ltd
NIFTY
* Nifty extended its winning streak for the seventh consecutive session on Friday, gaining over 1.5% despite mixed global cues.
* After opening on a flat note, the Nifty gradually strengthened through the session and settled near the day’s high at 25,030.
* The Nifty’s ability to sustain above 24,500 will be important to preserve the positive momentum and pave the way towards the 25,200–25,500 zone.
* We recommend maintaining a selective positive bias, focusing on fundamentally strong stocks demonstrating relative strength, while keeping position sizes in check amid potential volatility arising from global developments.
BANK NIFTY
* The banking index extended its bullish momentum, registering a fifth consecutive session of gains and sustaining comfortably above its key moving averages.
* Despite a flat opening, buying interest emerged, although the index surrendered some intraday gains from its peak.
* Market breadth remained mixed, with YES Bank and ICICI Bank outperforming, while AU Bank and IDFC First Bank witnessed profit booking.
* Immediate resistance stands at 60,000, with crucial support at 58,200.
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