Nifty traded volatile on Thursday and ended almost unchanged amid favourable cues - Religare Broking Ltd
Nifty
* Nifty traded volatile on Thursday and ended almost unchanged amid favourable cues.
* After a firm start, the Nifty maintained a positive tone during the first half before witnessing some profit taking as the session progressed.
* A decisive close above 24,200 remains critical for bulls to maintain firm control and approach the 200-day EMA near the 24,500 level.
* Amid the prevailing scenario, we continue to maintain a positive yet cautious stance and reiterate our preference for a stock-specific approach across sectors.
BANK NIFTY
* The Banking Index ended marginally higher, witnessed sixth consecutive weekly gain while trading comfortably above its key important moving averages.
* The index gained during the first half before witnessing profit booking in the latter session, resulting in a near-flat close.
* Stock-specific action remained mixed, with SBIN and ICICI Bank outperforming, while AU Bank and IndusInd Bank underperformed.
* Immediate resistance is placed at 59,200, with 56,200 acting as crucial support.
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