Nifty volatile, recovers modestly on selective buying support up - Religare Broking Ltd
NIFTY
* Nifty traded volatile but staged a modest recovery after a weak start, supported by selective buying.
* The Nifty opened lower amid cautious global cues and early selling pressure, but gradually recovered through the session and finally settled near the day’s high at 25,682.75 level.
* We maintain a cautious stance on the index due to ongoing choppiness and mixed cues.
* Traders are advised to focus on sector-specific opportunities, particularly in banking, metals, auto, and energy, while keeping position sizes under control.
BANKNIFTY
* The banking index regained momentum, recording its highest close and fully retracing the prior week’s losses, keeping the overall sentiments positive.
* Despite a gap-down opening, the index swiftly filled the gap and sustained a steady upward trajectory throughout the session.
* All banking constituents ended higher except ICICI Bank, with gains led by Canara Bank and Union Bank.
* Immediate resistance is seen near 62,000, while key support lies around 60,300.
L&T Finance Ltd
* The LTF chart exhibits a structurally bullish configuration, with price closing above its short and medium-term moving averages, indicating favorable trend alignment and underlying strength.
* The recent consolidation phase appears constructive, reflecting supply absorption rather than distribution.
* The formation of higher lows signals sustained buying interest on pullbacks, corroborated by stable volume dynamics.
* Selective long positions may be considered in the near term, subject to broader market conditions.
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