Nifty traded in a range-bound manner on the weekly expiry day but managed to end marginally higher, extending the rally seen over the past few sessions- Religare Broking Ltd
NIFTY
* Nifty traded in a range-bound manner on the weekly expiry day but managed to end marginally higher, extending the rally seen over the past few sessions.
*The Nifty opened higher on supportive global cues and inched toward the 26,000 mark, but failed to cross the hurdle and moved sideways for the rest of the session, eventually closing at 25,935.15.
*We reiterate our bullish stance on the Nifty and continue to recommend a buy-on-dips approach with a focus on careful stock selection.
*Participants should therefore stay selective and align positions with sectors showing rotational strength, while IT continues to lag
BANKNIFTY
* The banking index experienced subdued trading and ended marginally lower, declining 0.7 percent for the session.
*Despite opening with a positive bias carried over from the previous day, the index remained largely range-bound and directionless throughout trading hours.
* Apart from Axis Bank and ICICI Bank, which posted modest gains, all other banking constituents closed lower.
* Immediate resistance is seen around 61,500, while immediate support lies near 59,600.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
