Nifty volatile but ends positive, recovers from early losses - Religare Broking Ltd
NIFTY
* Nifty witnessed a volatile yet positive session on Monday, with benchmarks recovering from early losses amid mixed global cues.
* However, buying interest in select heavyweights helped the index rebound steadily through the session, with the Nifty eventually closing around the 24,421 level, up approximately 0.3–0.5%.
* Support is placed in the 23,800–24,100 zone, while the index has the potential to test the 24,600–24,800 range on the upside.
* Traders should maintain a positive stance, focusing on stock-specific opportunities across sectors, while closely monitoring crude oil prices, earnings developments, and geopolitical cues for further direction.
BANKNIFTY
* The banking index remained range-bound, consolidating between the 50 and 100-day DEMA.
* It opened with a positive bias and advanced during the first half of the session; however, gains were fully retraced in the latter half, resulting in a near-flat close.
* Momentum was mixed, with SBI and AU Bank outperforming, while Yes Bank and IDFC First Bank underperformed.
* Resistance is positioned around 57,800, whereas support is established near 55,400.
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