Nifty traded range-bound but managed to end in the green, extending Wednesday`s surge - Religare Broking Ltd
Nifty
* Nifty traded range-bound but managed to end in the green, extending Wednesday’s surge.
* On the technical front, the Nifty tested resistance at 24,900, coinciding with its 20-DEMA.
* A sustained move above this level could further strengthen the recovery, with upside targets at 25,150 initially, followed by a major hurdle at 25,400.
* On the downside, immediate support has shifted to the 24,600–24,750 zone.
* Going ahead, participants should focus on sectors demonstrating relative strength—such as metals, autos, and PSUs—while remaining selective in others.
BANK NIFTY
* The banking index extended gains for a second straight session, concluding the week on a positive note above key moving averages.
* Despite a flat opening, the index sustained intraday momentum, reaffirming the prevailing bullish structure.
* Sectoral performance was mixed, with AUbank, Kotakbank and Axisbank leading the advance, while Federalbank, ICICIbank and HDFCbank lagged.
* Technically, the index faces immediate resistance near 56,200, while strong support is established around 55,100.
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