Nifty traded on a subdued note on Friday and ended lower amid mixed global cues and rising crude oil prices - Religare Broking Ltd
NIFTY
* Nifty traded on a subdued note on Friday and ended lower amid mixed global cues and rising crude oil prices.
* After an initial downtick, the Nifty oscillated within a narrow range throughout the session and eventually settled at 24,570.65, down around 0.27%.
* Technically, the recent dip in the Nifty has not altered its overall bullish structure, and we continue to maintain a positive outlook as long as the index holds above the crucial 24,350 support level.
* We recommend closely tracking sectors and themes that continue to exhibit relative strength and utilising market dips to accumulate quality stocks from those outperforming pockets.
BANK NIFTY
* The Banking Index witnessed another subdued yet range-bound trading session, continuing to hold above its 20 DEMA, indicating sustained short-term strength.
* Following a gap-down opening, the index remained under pressure and traded within a narrow range throughout the session.
* Participation was mixed, with Federal Bank and State Bank of India outperforming, while ICICI Bank and Kotak Mahindra Bank underperformed.
* Resistance is positioned near 58,600, whereas 57,100 remains the crucial support level.
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