Nifty Rebounds Nearly 1% on Global, IT Boost - Religare Broking Ltd
NIFTY
* Nifty witnessed a strong rebound on Friday, with benchmark indices gaining nearly a percent amid supportive global cues and encouraging earnings from the IT pack.
* A sustained move above the 24,150 zone could pave the way for an extension towards the 24,400–24,600 region.
* On the downside, the 24,000 mark is expected to provide immediate support, followed by the 23,800 zone.
* While the broader trend has turned constructive again, we continue to advocate a stock-specific approach with a "buy-on-dips" strategy, favouring relatively stronger sectors such as banking, pharma, realty and pick selectively from the others.
BANK NIFTY
* The Banking Index extended its gains for a second consecutive session, sustaining above the 20-day DEMA and reinforcing the prevailing bullish bias.
* With a gap-up opening, the index maintained steady upward momentum, forming a sequence of higher highs and higher lows throughout the session.
* All constituents closed in positive territory, with Union Bank and Canara Bank leading the advance.
* Immediate resistance is seen near 58,800, while 57,000 remains crucial support.
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