Nifty Extends Winning Streak to Third Session - Religare Broking Ltd
NIFTY
* Nifty extended its gains for the third consecutive session on Friday, supported by favourable global cues and sustained buying in select heavyweight counters.
* The Nifty has successfully broken above its consolidation range of 23,800–24,200, indicating the start of the next directional move.
* In the near term, the overall trend is expected to remain positive, with the index having the potential to move towards the 24,450–24,600 zone.
* We continue to maintain a positive outlook and recommend adopting a buy-on-dips strategy.
BANK NIFTY
* The banking index extended its consolidation phase, remained in a standoff between bulls and bears while sustaining positions above key short-to-medium-term EMAs.
* Despite opening with an upward gap, selling pressure dominated throughout the session, resulting in a negative close.
* Performance remained mixed, with IndusInd Bank and IDFC First Bank outperforming, whereas Union Bank and Bank of Baroda underperformed.
* Immediate resistance stands at 58,800, with 57,000 serving as critical support.
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