Nifty Trades with Upward Bias, Recoups Recent Losses - Religare Broking Ltd
Nifty
* Nifty traded with a positive bias on Monday, recouping a part of Friday's losses amid supportive global cues.
* We continue to maintain a constructive stance and recommend following a "buy on dips" approach as long as the Nifty holds above the 23,700 mark, with an upside potential towards the 24,4500-24,600 zone.
* Sectorally, we reiterate our preference for rate -sensitive segments such as banking, realty, and auto, along with pharma and defence, while continuing to avoid aggressive long positions in the IT space.
Bank Nifty
* The Banking Index resumed its upward trajectory following a brief consolidation, sustaining comfortably above key short- to medium-term EMAs.
* The index opened with a gap-up and maintained positive momentum through the session with constant higher-high and higher-low formation.
* Market breadth remained mixed, led by IDFC First Bank and Bank of Baroda, while IndusInd Bank and Yes Bank underperformed.
* Immediate resistance stands at 58,700, with crucial support near 56,900.
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