Nifty traded in a narrow range and ended nearly flat on Friday - Religare Broking Ltd
Nifty
* Nifty traded in a narrow range and ended nearly flat on Friday.
* After a positive start, the Nifty slipped in the first half, weighed down by weakness in IT majors; however, resilience in select heavyweights supported a recovery as the session progressed.
* Sector-wise, auto stocks outperformed, rising over 1% on optimism following reduced GST rates for vehicles.
* Participants are advised to align their positions accordingly, with a focus on risk management.
Bank Nifty
* The banking index experienced a highly volatile session, oscillating on both sides yet maintaining its broader sideways trajectory.
* Price action continues to respect the 200 DEMA, and unless a decisive close occurs below this level, a potential reversal remains likely in the near term.
* Momentum was sectorally mixed, with Canara Bank and IndusInd Bank outperforming, while Kotak Bank and SBI lagged.
* Immediate resistance is observed near 54,900, while key supports are positioned at 53,000.
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