Nifty maintained their positive tone and gained nearly a percent, supported by favorable global cues - Religare Broking Ltd
NIFTY
* Nifty maintained their positive tone and gained nearly a percent, supported by favorable global cues.
* As a result, the Nifty index managed to sustain above the key resistance level of 25,200 and finally settled at 25,244.75.
* Notably, the Nifty has surpassed the 25,200 mark just ahead of the June monthly expiry.
* Amidst this backdrop, we maintain our positive outlook and continue to advocate a “buy on dips” approach, with a strong emphasis on stock selection.
BANKNIFTY
* The banking index strengthened for the second consecutive session, aligning with the broader market’s upward trend, closing with a gain of 0.80%.
* Although Bank Nifty was unable to surpass the previous session’s trading range but secured a positive close.
* The sector displayed mixed performance among key banks, with Aubank, HDFC Bank, and PNB contributing to the rally, while Kotak Bank and Axis Bank faced selling pressure.
* For sustained upward momentum, a decisive close above the resistance level of 57,100 remains essential.
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