Nifty traded volatile on Wednesday and ended marginally lower amid mixed cues - Religare Broking Ltd
Nifty
* Nifty traded volatile on Wednesday and ended marginally lower amid mixed cues.
* After a flat start, the Nifty oscillated within a narrow range throughout the session and eventually settled at 25,665.60, down by 0.26%.
* Technically, bulls are making an effort to defend the medium-term support of the 100-day EMA around the 25,600 level on the Nifty.
* Participants are advised to align positions accordingly, while keeping position sizes in check given the prevailing mixed global cues and elevated geopolitical risks
BANKNIFTY
* The banking index experienced intraday volatility before closing nearly flat, registering a marginal gain of 1.35 points.
* It opened on a muted to slightly negative note but gradually recovered, maintaining its broader underlying bias.
* Sectoral momentum remained mixed, with Union Bank and IndusInd Bank outperforming, while ICICI Bank and HDFC Bank underperformed.
* On the technical front, immediate resistance is observed near 59,800, while a key support zone is positioned around 58,700.
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