Nifty traded lackluster and ended marginally in the red, extending the ongoing consolidation phase - Religare Broking Ltd
NIFTY
* Nifty traded lackluster and ended marginally in the red, extending the ongoing consolidation phase.
* After a flat start, the Nifty edged higher initially but failed to sustain the momentum, primarily due to pressure from heavyweight stocks.
* Sectoral trends mirrored the broader market, with auto and banking ending slightly in the green, while IT and metal slipped lower.
* In the meantime, participants can consider selectively accumulating stocks that are showing relative strength amid the volatility, with a preference for large-cap and stronger mid-cap names.
BANKNIFTY
* Bank Nifty is exhibiting a robust bullish trend, with sustained upward movement above key support levels.
* Although banking index traded within a well defined range throughout the session but failed to cross previous session’s high.
* Stocks had a mixed momentum, where Indusind and Aubank clearly led the movement but Canbk and Icicibank were amongst top losers.
* As the index continues to oscillate within a range, dips towards 55500-55100 can be utilized for longs, for resistance at 56500.
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