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2025-05-09 09:59:36 am | Source: Religare Broking Ltd
Nifty remained choppy on the weekly expiry day and ended with a loss of half a percent - Religare Broking Ltd
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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