Nifty remained volatile on the weekly expiry day but managed to end in the green amid mixed cues - Religare Broking Ltd
NIFTY
* Nifty remained volatile on the weekly expiry day but managed to end in the green amid mixed cues.
* After an initial decline, the Nifty traded subdued during the first half of the session; however, a sharp rebound in the latter half changed the market tone and helped the index close with gains of nearly half a percent at 23,483.55.
* However, the upside is likely to remain capped by the key resistance zone of 23,800–24,000.
* Given the prevailing choppy market conditions, we maintain a cautious stance and recommend focusing on stock selection and disciplined trade management.
BANK NIFTY
* The Banking Index ended a volatile session on a flat-to-positive note, continuing to trade below its 20 DEMA, reflecting a sustained bearish bias.
* After a gap-down opening, the index recovered sharply in the latter half, closing marginally higher.
* Performance was mixed across constituents, with Federal Bank and IndusInd Bank advancing, while Axis Bank and ICICI Bank lagged.
* Immediate resistance is placed at 54,600, with key support near 53,000.
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