Nifty remained choppy on the weekly expiry day and ended with a loss of half a percent - Religare Broking Ltd

NIFTY
* Nifty remained choppy on the weekly expiry day and ended with a loss of half a percent.
* After a flat start, the Nifty traded sideways before a sharp sell-off in the latter half wiped out the gains from the previous day.
* Most sectors, barring IT, closed in the red, with realty, metal, and auto among the top losers.
* Until the volatility, as indicated by the elevated India VIX, subsides, we recommend maintaining a hedged strategy to navigate the current environment, with focus on stock selection.
BANK NIFTY
* The banking index closed the session with continued weakness, following a brief pause in the previous trading day.
* Most major banking stocks saw declines, with Bank of Baroda, PNB, and Federal Bank experiencing the major losses while Canara Bank, Axis Bank, and Kotak Mahindra Bank managed to gain.
* A breakout above the recent high of around 55,500 would signal the continuation of the upward rally.
* On the downside, the index has support in the 53,900-53,400 range, while intermediate resistance is seen in the 54,900-55,400 zone.
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