Nifty witnessed a volatile session on Friday but still managed to end higher by over half a percent - Religare Broking Ltd
Nifty
* Nifty witnessed a volatile session on Friday but still managed to end higher by over half a percent.
* Technically, Nifty has bounced from the crucial support zone defined by the 20-DEMA, which also aligns with the trendline support of the rising channel on the daily chart around the 25,900–26,000 area.
* This reinforces the positive structure, and we expect the ongoing uptrend to continue, with the 26,300–26,500 zone as the next potential target range.
* However, given the persistent volatility and frequent sectoral rotation, we continue to advise a selective approach to stock picking along with prudent risk management.
Bank Nifty
* The banking index resumed its upward momentum, breaking above its recent consolidation zone and advancing toward all-time-high territory.
* It opened on a firm note and sustained strength throughout the session.
* All constituents ended in positive territory, with PSU banks—SBIN, PNB, and Bank of Baroda—leading the advance.
* From a technical standpoint, the index faces near-term resistance around 60,500, while initial support is identified near the 59,000 zone.
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