Nifty traded with a subdued bias on Monday, ending nearly half a percent lower - Religare Broking Ltd
NIFTY
* Nifty traded with a subdued bias on Monday, ending nearly half a percent lower.
* After a positive start, the Nifty index moved in a narrow range for most of the session, but a sharp decline in the final half hour dragged it lower.
* We expect the Nifty to hover within the 25,800–26,100 range.
* Meanwhile, participants should maintain a stock-specific approach and use dips or periods of consolidation to gradually accumulate quality names.
BANKNIFTY
* The banking index concluded nearly unchanged, recording a marginal decline of 0.05% following a highly volatile trading session.
* Although the index opened with an upward gap, it retraced its initial gains during the latter half of the session; however, broader sentiment remains constructive.
* Momentum was mixed, with AU Bank and Federal Bank outperforming, while IndusInd Bank and Bank of Baroda lagged.
* Technically, immediate resistance is observed near 59,300, with strong support established around 58,300.
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