Nifty were volatile on monthly expiry day and ended marginally lower, extending the recent phase of profit-taking - Religare Broking Ltd
NIFTY
* Nifty were volatile on monthly expiry day and ended marginally lower, extending the recent phase of profit-taking.
* After a flat start, the Nifty moved within a narrow range for most of the session, but a late-hour decline dragged the index down.
* The Nifty is once again approaching its short-term support at the 20-DEMA, near 25,800, which will be crucial to defend for momentum to sustain.
* We recommend maintaining a cautious yet constructive outlook, with an emphasis on stock selection based on relative strength.
BANKNIFTY
* The banking index experienced a second volatile yet largely subdued session, ending nearly flat with a marginal 0.03% change.
* Despite a positive opening, intraday gains were erased in the latter half, resulting in a negative close, though the broader structure remains constructive.
* Performance was mixed, with Federal Bank and Bank of Baroda outperforming, while HDFC Bank and Kotak Bank underperformed.
* Technically, resistance is positioned near 59,450, while strong support remains around 58,300.
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