The banking index concluded the session in positive territory after experiencing significant intraday volatility - Religare Broking Ltd
Nifty
* Nifty traded choppy on the monthly expiry day and ended flat, largely continuing the ongoing consolidation phase.
* After an initial uptick, the Nifty index witnessed sharp swings throughout the session before finally settling at 25,936.20.
* We maintain our bullish outlook despite the consolidation and recommend focusing on stock selection based on relative strength.
* Sectors such as metals, banking, and autos continue to display consistent performance and should remain preferred, while traders stay selective in other spaces.
BANK NIFTY
* The banking index concluded the session in positive territory after experiencing significant intraday volatility.
* Following a sharp decline in the first half, the index rebounded strongly, forming a V-shaped recovery which signaled underlying resilience.
* With the exception of ICICI Bank and Axis Bank, most constituents supported the upward movement, led by IndusInd Bank and AU Bank.
* From a technical perspective, the index faces key resistance near 57,500, while support around 59,000 remains a critical level for traders.
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