The banking index extended its gains for a third consecutive session, maintaining a positive bias - Religare Broking Ltd
NIFTY
* Nifty traded in a volatile manner on Monday and eventually ended almost unchanged, extending the ongoing consolidation phase.
* However, a rebound in index heavyweights from key sectors helped pare most of the early losses, enabling the Nifty to close flat at 26,027.30.
* Looking ahead, indications point toward continued consolidation within the 25,800–26,200 range.
* Traders are advised to maintain disciplined risk management and avoid averaging into underperforming positions.
BANKNIFTY
* The banking index extended its gains for a third consecutive session, maintaining a positive bias.
* Despite opening with a gap-down, the index gradually regained strength and closed higher, indicating underlying resilience.
* Momentum remained mixed, with IDFC First Bank and Federal Bank outperforming, while HDFC Bank and Axis Bank underperformed.
* Technically, immediate resistance is placed near 60,100, with initial support around the 58,800 level.
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