Nifty Gains Nearly 1% on Positive Sentiment - Religare Broking Ltd
NIFTY
* Nifty extended its recovery on the weekly expiry day, with the benchmarks gaining nearly a percent as easing crude prices and encouraging Q2 business updates supported the sentiment.
* Sectorally, buying in private banking counters, consumer durables, pharma and energy supported the recovery and emerged among the stronger performers, while IT and realty lagged.
* Technically, the 22,800–22,850 zone is likely to act as immediate hurdle, followed by the broader resistance around 23,000-23,200 while 22,600-22,400 remains the key near-term support.
* With the broader market structure remaining cautious amid elevated global macro risks, volatility is likely to stay high, favouring a selective, stock-specific approach as opportunities emerge.
BANKNIFTY
* The banking index extended its gains for the second consecutive session, maintaining a positive bias despite trading below key moving averages.
* Following a gap-up opening, sustained buying interest supported the upward momentum and a firm close.
* Sectoral participation remained mixed, with Kotak Bank and Axis Bank displaying relative strength, while Federal Bank and IDFC First Bank witnessed profit booking.
* Immediate resistance is placed near 55,700, while support remains around 54,300.
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