Nifty started the week on a positive note and ended with modest gains amid mixed cues - Religare Broking Ltd
Nifty
* Nifty started the week on a positive note and ended with modest gains amid mixed cues.
* After opening firm above the 24,800 mark, the Nifty gradually moved higher through the day; however, sharp profit-taking in the final hour trimmed the gains.
* On the index front, we expect the prevailing tussle to end only with a decisive breakout above the 25,000 mark on the Nifty, while the 24,400–24,600 zone should act as a cushion.
* Meanwhile, traders should continue to focus on other sectors that are holding firm and participating on a rotational basis.
Bank Nifty
* The banking index exhibited a lackluster session, initially opening on a positive note before relinquishing early gains amid subdued momentum.
* The 200-period DEMA continues to provide strong structural support, while the 100-period DEMA acts as immediate resistance.
* IndusInd Bank and IDFC First Bank, the sector broadly closed in positive territory, with Canara Bank outperforming peers.
* Short-term resistance is identified near 54,900, with key downside support anchored at the 53,500 level, delineating the current technical range.
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