Nifty opens volatile, ends week down nearly 0.5% - Religare Broking Ltd
NIFTY
* Nifty started the week on a volatile note and extended their recent decline, ending nearly half a percent lower.
* After an initial dip, the Nifty attempted to stabilize in early trade, but sustained pressure from heavyweight stocks dragged the index down as the session progressed.
* A rebound after retesting the 25,000 mark helped trim some of the losses, and the index eventually settled at 25,082 level, down 0.27%.
* Amid this mixed environment, we continue to see selective opportunities across sectors.
* Hence, participants should maintain a focus on stock selection and risk management.
BANKNIFTY
* The banking index experienced a volatile session in both directions, ultimately closing near flat, with current levels supported by the 21-day DEMA.
* Overall market sentiment remains positive, suggesting the sideways movement is a time-based correction.
* Within the index, Federal Bank, Canara Bank, and Bank of Baroda gained momentum, while AU Small Finance Bank, IDFC First Bank, and Kotak Mahindra Bank weakened.
* Key support lies between 56,200 and 56,600, with immediate resistance at 57,400.
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