Nifty stayed volatile Friday, closed in green - Religare Broking Ltd
NIFTY
* Nifty traded with volatility on Friday but managed to end in the green amid mixed cues.
* The Nifty opened lower due to lingering geopolitical concerns and subdued global signals; however, buying in select heavyweight stocks helped the index recover and settle in positive territory as the session progressed.
* On the index front, sustaining above the 25,400 level is crucial to preserve a positive bias amid ongoing consolidation; a breach below this mark could turn the tone negative.
* We reiterate our preference for banking, auto, metal, and energy stocks for long positions, while advising against taking short-term positions in the IT space.
BANKNIFTY
* The banking index regained strength, recovering nearly two-thirds of the prior session’s losses, and sustained a positive tone after a higher opening.
* It formed a weekly engulfing candle, indicating a bullish continuation and maintaining a positive overall bias.
* Except for HDFC Bank and IndusInd Bank, all constituents closed higher with continued strength.
* Immediate resistance stands near 61,800, while key support is positioned around 60,300 in the near term.
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