Nifty traded in a tight range and ended marginally higher amid mixed cues - Religare Broking Ltd
NIFTY
* Nifty traded in a tight range and ended marginally higher amid mixed cues.
* After a flat start, the Nifty oscillated within a narrow band throughout the session and finally settled at 24,855.05.
* On the index front, the 25,000–25,100 zone is expected to act as a resistance and may attract fresh selling if the market attempts a rebound, while support is seen around the 24,450–24,550 zone.
* Given the likelihood of volatile swings, we recommend maintaining a cautious stance and prefer a hedged approach.
BANKNIFTY
* The banking index has breached its recent consolidation range and violated the lower boundary of its ascending channel, indicating short-term weakness.
* This shows short term weakness in the index, may slip further till another immediate support visible near 55500.
* Index movement remained mixed, with AU Bank and Axis Bank driving gains, while Canara Bank and IDFC First Bank apply downward pressure.
* Immediate resistance is positioned at the 20-day EMA around 56,600, followed by 57,300.
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