Nifty witnessed a volatile session on Monday but ended with gains of over 1% - Religare Broking Ltd
NIFTY
* Nifty witnessed a volatile session on Monday but ended with gains of over 1%.
* The Nifty opened on a muted note amid mixed global cues and elevated crude oil prices, and slipped lower in early trade.
* Going ahead, a break above the 23,000 mark could further extend the up move towards the 23,400 - 23,500 zone, where the hurdle of the short-term moving average (20 DEMA) is placed.
* Given the elevated volatility, traders are advised to maintain a cautious stance and focus on stock - specific opportunities - favoring relatively strong counters for long positions and laggards for shorting opportunities.
BANKNIFTY
* The banking index extended its upward momentum for a third consecutive session; however, it continues to trade significantly below key short-term moving averages, indicating underlying weakness.
* The index opened in line with the previous close and exhibited sustained intraday strength, ultimately settling in positive territory.
* Broad-based buying was observed across the sector, with all constituents closing higher, led by Bank of Baroda and Axis Bank.
* Immediate resistance is placed near 54,200, while strong support is seen around 51,000.
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