The banking index extended its upward momentum, maintaining a strong bullish structure - Religare Broking Ltd
Nifty
* Nifty edged higher and gained nearly half a percent, resuming their upward trajectory after a brief consolidation phase.
* Technically, the Nifty is once again approaching its trendline resistance around 25,450, with immediate support now placed near 25,000.
* A decisive breakout above this hurdle could further reinforce the recovery and open the path toward the June highs near 25,669.
*We expect rotational buying across key sectors to continue providing trading opportunities; however, traders should emphasize prudent risk management given the likely volatility during the ongoing earnings season
BANK NIFTY
* The banking index extended its upward momentum, maintaining a strong bullish structure.
* The sustained formation of higher highs and higher lows indicates continued buyer dominance, while the index remains decisively above the 50, 100 and 200 day EMAs, reaffirming its positive trend.
* Broad-based gains were observed across constituents, led by PNB, SBIN, and IndusInd Bank.
* Technically, the index faces immediate resistance near 55,200, while robust support is positioned around the 54,000 level.
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