Nifty failed to build on Monday`s gains and ended nearly half a percent lower amid volatility - Religare Broking Ltd
NIFTY
* Nifty failed to build on Monday’s gains and ended nearly half a percent lower amid volatility.
* This decline reflects a lack of conviction among participants amid mixed cues, and the bias is likely to turn positive only if the Nifty decisively sustains above 24,600, its 100 DEMA. .
* Meanwhile, select stocks across sectors are showing notable strength on the back of strong earnings and upbeat prospects.
* Participants should focus on these outperformers and avoid laggards while anticipating a rebound.
BANK NIFTY
* The banking index continued facing downside pressure, marking lower lows after breaking down from its consolidation range, and declined for the second consecutive week.
* Despite the prevailing bearish structure, the index is currently holding above the 61.8% Fibonacci retracement of the recent uptrend from the May 9 low to the July 2 high.
* Except Canbk, all other constituents of the banking index were closed in the red.
* The 55,900–54,900 zone represents a key consolidation range, supported by the 50- and 100-day DEMA
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