Nifty volatile, ends slightly higher on selective buying today up - Religare Broking Ltd
NIFTY
* Nifty traded with volatility today and ended modestly higher as participants’ balanced early weakness with selective buying.
* The Nifty opened lower in response to weak global cues and pressure from cyclical segments but regained momentum as the session progressed and finally settled around the 25,725.40 level.
* Currently, strength in banking stocks is doing most of the heavy lifting, while other sectors are contributing on a rotational basis.
* We therefore suggest focusing on stock selection and trade management, with a preference for banking, energy, auto, and select metal counters for long trades, while being selective in other sectors.
BANKNIFTY
* The banking index extended its upward trajectory, registering another record closing and reinforcing positive market sentiment.
* Despite opening with a downside gap, the index swiftly rebounded and sustained a positive bias throughout the session.
* Momentum remained mixed across constituents, with Bank of Baroda and PNB leading gains, while AU Bank and ICICI Bank underperformed.
* Immediate resistance is projected near 61,800, with critical support positioned around 60,300 in the near term.
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