Nifty traded subdued and closed nearly unchanged today, pausing after recent gains - Religare Broking Ltd
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NIFTY
* Nifty traded subdued and closed nearly unchanged today, pausing after recent gains.
* Realty, FMCG, and IT sectors saw gains, while profit-taking was observed in pharma and energy sectors.
* Despite the recent slowdown in Nifty's upward momentum, the overall sentiment remains positive, with a higher support base forming in the 24,150 -24,350 range.
* Traders should focus on careful stock selection and effective trade management strategies.
BANKNIFTY
* Banking index remained subdued on the weekly expiry day and closed almost unchanged.
* Majority of banking stocks witnessed profit taking wherein KOTAKBANK and PNB remained under pressure.
* It is experiencing rejection at 52700-52800 mark and finding support at its 20-day EMA around 52,000.
* A decisive breakout above 52,800 would signal a continuation of the previous uptrend until then the outlook suggests a sideways consolidation.
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