IGI Logo

NIFTY

* Nifty paused after six consecutive sessions of gains, closing on a flat note.

* Most sectors, except IT, witnessed profit booking and closed in the red.

* Nifty is expected to consolidate after testing its previous swing high around the 23,800 mark.

* On the downside, the index is likely to find support first around the key moving averages at 23,400 and next near 23,100.

* Traders should maintain a "buy on dips" strategy with a focus on selective stock picking

BANK NIFTY

* The banking index took a pause after the recent surge and ended on a flat note.

* Among the banking majors, Hdfcbank and Axisbank performed well while profit-booking in select heavyweights limited the upside.

* This pause is natural following overbought conditions after a significant 4,000-point rally. The index may face hurdle around 52000-52200 levels.

* We expect the consolidation to continue in the next few sessions, though the overall sentiment should stay positive.

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330