Nifty rebounded after the recent decline and gained over 0.5%, tracking favorable global cues - Religare Broking Ltd
Nifty
* Nifty rebounded after the recent decline and gained over 0.5%, tracking favorable global cues.
* Following a gap-up start, the Nifty moved within a narrow range for most of the session before settling at 25,966.40.
* From a technical standpoint, the Nifty has once again reclaimed its short-term moving average, the 20-DEMA, around the 25,950 level.
* In the current setup, a stock-specific trading approach remains advisable, with preference for sectors showing relatively higher strength such as banking, IT, auto and metals, while remaining selective in other segments.
BANKNIFTY
* The banking index rebounded after three consecutive sessions of decline; however, it ended the week in negative territory for the second consecutive week.
* The index opened with a gap-up and sustained strength throughout the session, reflecting a positive intraday bias.
* Performance among constituents was mixed, with Bank of Baroda and Federal Bank outperforming, while Canara Bank and AU Bank underperformed.
* Technically, immediate resistance is observed near 59,600, while initial support is placed around 58,500.
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