Nifty Extends Winning Streak for Sixth Straight Session - Religare Broking Ltd
NIFTY
* Nifty extended its winning streak for the sixth consecutive session on Thursday, with benchmark indices witnessing strong buying interest.
* The broad-based strength in heavyweight stocks across sectors has helped the Nifty recover its losses over the past three months, putting the index on course to retest its August high of around 24,800.
* The renewed momentum in banking and financial stocks is an additional positive.
* We therefore maintain a positive market bias, while emphasising disciplined stock selection and prudent overnight risk management in anticipation of potential volatility ahead.
BANK NIFTY
* The banking index extended its recovery, advancing over 3.3% for the fourth consecutive session and closing above all key moving averages, reinforcing the improving technical structure.
* It opened with a positive gap and sustained upward momentum throughout the session.
* All banking index constituents ended higher where upside was led by IndusInd Bank and ICICI Bank.
* Immediate resistance is placed near 58,700, while crucial support remains at 56,600.
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