Nifty traded in a volatile but narrow range, ending slightly lower, continuing consolidation - Religare Broking Ltd
NIFTY
* Nifty traded in a volatile but in a narrow range and ended marginally lower, extending the ongoing consolidation phase.
* After an initial dip, the Nifty attempted to recover in the first half; however, a sharp decline in select heavyweights during the final hours derailed the recovery and dragged the index lower.
* Eventually, the Nifty settled at 25,476.10, down by 0.18%.
* Amid all this, we maintain our bullish stance and recommend continuing with a “buy on dips” strategy, with a strong emphasis on stock selection.
BANKNIFTY
* The banking index experienced a subdued trading session, remaining within a narrow range throughout the day.
* Overall structure continues to reflect strength, supported by its primary bullish trend further validated by key moving averages and the prevailing upward channel.
* Stocks displayed mixed performance where Aubank emerged as the top gainer, while PNB saw the most significant decline.
* Looking ahead, immediate resistance is anticipated near the 58,200 level, while strong support is expected around 56,600.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ000174330
