Nifty traded volatile and ended marginally lower, continuing the prevailing consolidation phase -Religare Broking Ltd
NIFTY
* Nifty traded volatile and ended marginally lower, continuing the prevailing consolidation phase.
* After an initial uptick, the Nifty gradually drifted lower through most of the session; however, a bounce in the final hour helped trim some losses.
* On the sectoral front, the trend remained mixed, with metals, pharma, and auto sectors ending in the green, while realty and banking came under pressure.
* We recommend maintaining a positive bias while focusing on stock selection, especially in sectors showing relative outperformance, with an eye on the risk-to-reward ratio.
BANKNIFTY
* As discussed earlier also, the upper boundary of the rising channel continues to act as a significant resistance zone for the banking index.
* Barring PNB and Axis Bank, most constituents ended the session in negative territory, led by notable weakness in IndusInd Bank.
* Looking ahead, the index is expected to gradually move towards the upper trendline of the broadening formation, located around the 58,000–58,500 range.
* On the downside, the 56,400–56,200 zone is likely to offer strong support.
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