Nifty started the month on a positive note, gaining nearly half a percent amid mixed cues - Religare Broking Ltd
NIFTY
* Nifty started the month on a positive note, gaining nearly half a percent amid mixed cues.
* Technically, we continue to maintain our consolidation view on the Nifty until it registers a decisive breakout from the 23,800–24,200 range.
* In the meantime, we recommend maintaining a stock-specific approach, focusing on relative outperformers across sectors.
* We maintain our negative stance on IT due to its continued weakness, while opportunities are emerging in banking, realty, auto, pharma, and select industrial names.
BANK NIFTY
* The Banking Index resumed its upward trajectory following a two-session correction, maintaining a decisive position above its short-to medium term EMAs.
* The index opened strongly and sustained buying momentum throughout the trading session.
* Performance remained mixed, with Kotak Bank and SBI outperforming, while IDFC First Bank and Bank of Baroda underperformed.
* Immediate resistance is positioned at 58,700, with 56,900 serving as critical support.
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