Nifty traded in a volatile manner but managed to close on a positive note amid mixed cues - Religare Broking Ltd
Nifty
* Nifty traded in a volatile manner but managed to close on a positive note amid mixed cues.
* The session began on a weak footing and losses deepened in the early hours, but a strong rebound in heavyweights across sectors helped erase the decline as the day progressed.
* On the technical front, the Nifty’s ability to hold the medium-term moving average around 25,600 and move back towards the 25,800 zone is encouraging, though sustainability will be crucial, with a strong resistance placed in the 25,900–26,000 band.
* In the current environment of mixed cues and elevated volatility, a selective, stock-specific approach with disciplined risk management remains advisable.
Bank Nifty
* The banking index witnessed a positive close after three consecutive declining sessions, thereby restoring a mildly bullish undertone.
* Although the index opened with weakness, buying interest emerged in the latter half, driving a sharp intraday recovery.
* Market breadth remained mixed, with IndusInd Bank and SBI outperforming, while IDFC First Bank and Federal Bank lagged.
* Immediate resistance is positioned near 60,100, whereas crucial support is placed around 58,700.
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