Nifty traded lackluster, ending flat after Monday’s fall, taking a breather - Religare Broking Ltd
NIFTY
* Nifty traded lackluster and ended almost unchanged, taking a breather after Monday’s decline.
* Following an initial uptick, the Nifty moved in a narrow range and eventually settled at 25,541.80.
* On the sectoral front, a mixed trend kept participants engaged—metals, banking (particularly the PSU pack), and pharmawitnessed gains, while FMCG and IT ended lower.
* We, therefore, reiterate our “buy on dips” view, with a strong emphasis on stock selection.
* However, participants should adopt a cautious stance on the broader market given the overbought conditions in select pockets.
BANKNIFTY
* The banking index resumed its bullish trajectory, supported by renewed buying interest in major private sector banks along with intermittent strength in PSU banks.
* Movement in banking stocks were mixed, Idfcfirstb and Federalbnk remained the main gainers while Axisbank and Icicibank lost the most momentum.
* Going forward, we expect the index to gradually progress towards the upper trendline of the broadening formation near 58,000-58500.
* The zone of 56,400–56,200 is now expected to provide a strong support.
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