Nifty Snaps Five-Day Winning Streak as IT Stocks Drag Markets Lower - Religare Broking Ltd
Nifty
* Nifty snapped its five-session winning streak on Friday and ended lower amid a broad-based sell-off led by the IT pack.
* Technically, the Nifty witnessed profit-taking after encountering resistance near the 24,150 zone, which coincides with the 100-day EMA.
* While the broader recovery structure remains intact above the 23,700 support zone, the inability to sustain at higher levels suggests the possibility of a consolidation phase before the index resumes its gradual uptrend towards the 24,500–24,600 zone.
* Given the prevailing mixed setup, we continue to advocate a stock-specific approach, favouring relative outperformers while maintaining disciplined risk management.
Bank Nifty
* The Banking Index recorded its first decline of the week following six consecutive advancing sessions.
* The index opened with a gap-down and traded within a narrow sideways range, maintaining a negative bias throughout the session.
* Market breadth remained mixed, with Federal Bank and AU Bank outperforming, while HDFC Bank and Canara Bank underperformed.
* Immediate resistance is placed near 58,700, with key support established around 56,900.
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