Nifty traded volatile on Monday and ended with decent gain amid mixed cues - Religare Broking Ltd
NIFTY
* Nifty traded volatile on Monday and ended with decent gain amid mixed cues.
* After the firm start, Nifty inched gradually lower as the day progressed however resilience in the select heavyweights aided a positive close at 24,119.30 level; up by 0.51%.
* The immediate support lies at 23,800 and then around 23500 level while upside seems capped to 24,600-24,800 zone.
* Meanwhile, traders should continue with sector/theme specific approach and prefer a hedged approach until the clarity emerges over the next directional move.
BANK NIFTY
* The banking index experienced a volatile trading session, ultimately closing nearly unchanged after failing to sustain a breakout above the 20-DEMA.
* Initial positive momentum faded in the latter half, resulting in an indecisive close.
* Momentum remain mixed, with relative strength observed in HDFC Bank and Bank of Baroda, while Kotak Bank and Union Bank exhibit weakening trends.
* Immediate resistance is positioned near 56,200, with key support at 53,500.
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