Nifty staged a rebound on the Thursday, rising nearly 0.5% after three consecutive sessions of decline - Religare Broking Ltd
Nifty
* Nifty staged a rebound on the Thursday, rising nearly 0.5% after three consecutive sessions of decline.
* A sustained move above the first key hurdle—the 20-DEMA around 25,950—is essential to confirm further recovery; failure to do so could trigger renewed profit-taking.
* On the sectoral front, several stocks within private banking, auto, metals and pharma continue to exhibit relative strength, while pockets of weakness in other sectors still offer opportunities on the short side.
* Traders should position selectively with a strong emphasis on risk management.
BANK NIFTY
* The banking index registered another range-bound session, consolidating within a narrow band for the third consecutive day.
* Early upside traction faded in the latter half, maintaining a neutral intraday structure.
* Kotak Bank and HDFC Bank contributed positive momentum, while AU Bank and Bank of Baroda underperformed.
* From a technical perspective, immediate resistance is identified near 59,800, whereas initial downside support is placed around the 58,300 zone on the charts.
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