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Nifty

* Nifty traded volatile on Thursday and ended nearly unchanged.

* The session began on a positive note, followed by range-bound movement in the first half; however, profit-taking in heavyweight stocks across sectors erased all the early gains.

* The index’s price action indicates the likelihood of a short-term consolidation phase after the sharp up move, which would be considered healthy as long as Nifty holds above the 25,600 level.

* However, traders should remain cautious about overbought conditions in select pockets and focus on sectoral rotation to identify fresh opportunities on the long side.

BANK NIFTY

* The banking index achieved yet another milestone by reaching fresh all-time high, signaling strong underlying strength.

* Despite opening with a gap up, early gains were largely retraced in the latter session; however, the overall bias remains bullish.

* Performance was mixed, with IDFC First Bank and Axis Bank leading gains, while Bank of Baroda and ICICI Bank lagged.

* From a technical standpoint, key resistance is identified near 58,600, with immediate support positioned around 57,400, guiding potential trading decisions.

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