Nifty had a volatile weekly expiry session, slipping nearly 0.5% - Religare Broking Ltd
NIFTY
* Nifty witnessed a volatile session on weekly expiry day and slipped nearly half a percent, extending the ongoing consolidation phase.
* After an initial dip, the Nifty swung sharply in both directions through the day and eventually settled near the day’s low at around the 25,910.
* Going ahead, we expect further consolidation to persist, which would be healthy as long as the Nifty holds above its key short-term support—the 20-DEMA, which currently lies 25,700.
* Participants should continue to prioritise stock selection based on relative strength across sectors, with a preference for large-cap and stronger mid-cap, maintaining a measured approach amid the prevailing choppiness.
BANKNIFTY
* The banking index registered mild profit-taking following seven consecutive sessions of gains, though its broader momentum remains firmly upward.
* The index opened on a positive note and extended strength intraday before surrendering those advances and closing in negative territory.
* Performance was mixed, with Federal Bank and Axis Bank exhibiting resilience, while IDFC First Bank and IndusInd Bank weakened.
* Immediate overhead resistance is positioned near the 59,500 level, while primary support is established around 58,200.
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