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NIFTY

* Nifty traded with a positive bias on Thursday, extending their winning streak for the fifth consecutive session amid supportive global cues.

* Consequently, the Nifty settled at 24,168.00, up 0.34%, while comfortably sustaining above the psychological 24,000 mark.

* Technically, the Nifty has surpassed another important hurdle in the form of its medium-term moving average, the 100-day EMA, near the 24,150 mark, and now appears poised to inch towards the 24,500–24,600 zone.

* We therefore continue to advocate a stock-specific approach, favouring relative outperformers while maintaining disciplined risk management and selectively booking profits on rallies.

BANK NIFTY

* The banking index extended its upward trajectory, confirming a fresh breakout and registering its sixth consecutive positive close.

* Opening with a bullish gap, the index sustained buying interest throughout the session.

* Market breadth remained mixed, with HDFCBank and SBIN outperforming, while Federal Bank and Kotak Bank underperformed.

* Immediate resistance is positioned near 59,000, whereas crucial support is around 56,900.

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