Nifty witnessed volatile swings on the monthly expiry day and ended marginally lower amid mixed cues - Religare Broking Ltd
NIFTY
* Nifty witnessed volatile swings on the monthly expiry day and ended marginally lower amid mixed cues.
* The surprise tariff announcement by the US President on India initially triggered a knee-jerk reaction; however, a gradual recovery in heavyweight stocks across sectors helped the index briefly turn positive.
* Selling pressure resurfaced in the final hours, once again putting bulls on the back foot.
* We maintain our cautious stance and recommend a stock-specific approach, given the mixed trends across sectors.
* Traders should also avoid averaging down on loss-making positions.
BANK NIFTY
* After breaking below its upward-sloping channel, the banking index secured strong support at an alternative rising trendline.
* Except for Kotak Bank and Axis Bank, most banking stocks weakened and closed with profit booking.
* The index traded in a consolidation range, maintaining above key support at 55,500; a drop below this may test 55,100 as the next support.
* Resistance near 56,300 to 56,700 is expected to cap near-term upside momentum.
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