Nifty stayed in consolidation mode and ended almost unchanged, pausing near record-high territory - Religare Broking Ltd
Nifty
* Nifty stayed in consolidation mode and ended almost unchanged, pausing near record-high territory.
* On the benchmark front, the Nifty 50 opened firmly around 26,325—marking a fresh lifetime high amid buoyant sentiment—but experienced intraday volatility before closing near 26,175, down 0.10%.
* On the upside, a decisive break above 26,300 could open the gates for a move towards the 26,500+ zone.
* Meanwhile, we advise a stock-specific trading approach, with preference for banking, auto, and metal names, while being selective in other sectors.
Bank Nifty
* The banking index experienced a volatile trading session, relinquishing part of its recent three-day upward momentum.
* Despite opening with an upside gap and marking a new all-time high, the index trended negatively throughout the session and closed in the red.
* The momentum remained mixed, with Bankbaroda and KotakBank demonstrating relative strength, while IndusIndbk and Canbk showed weak momentum.
* Technically, immediate resistance lies near 60,400, with notable support positioned around 59,150.
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