Nifty traded volatile and ended nearly unchanged on Thursday, pausing after the recent strong upmove - Religare Broking Ltd
NIFTY
* Nifty traded volatile and ended nearly unchanged on Thursday, pausing after the recent strong upmove.
* Following an initial dip, the Nifty maintained a positive tone for most of the session; however, late profit-taking erased intraday gains, leaving the index flat at 25,879.15.
* Going forward, some consolidation cannot be ruled out after the recent rally, as the Nifty has approached the 26,000–26,100 resistance zone, coinciding with its previous swing high.
* Traders are advised to adopt a stock-specific approach, focusing on sectoral outperformers like banking, auto, and metals, while maintaining a disciplined risk management strategy amid potential volatility
BANKNIFTY
* The banking index extended its winning streak for the fifth consecutive session, reaching a new all-time high and maintaining positive market sentiment.
* Despite opening on a strong note, it retraced nearly 50% of intraday gains before closing in the green, holding above key moving averages.
* Sector performance was mixed, with ICICI Bank and Axis Bank showing relative strength, while IDFC First Bank and Federal Bank lagged.
* Immediate resistance lies near 59,000, with support around 57,600.
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