The banking index hit a fresh all-time high at open but saw profit-taking, ending weak - Religare Broking Ltd

NIFTY
* Nifty began the week on a soft note, slipping nearly half a percent as they took a breather following the recent surge.
* On the sectoral front, the trend was mixed, keeping traders engaged—pharma and IT closed in the green, while realty and auto emerged as the top laggards.
* We continue to advocate a “buy-on-dips” approach, with a strong emphasis on selective stock picking.
* Notably, the ongoing strength in the broader indices is creating additional opportunities, but participants should stay cautious and limit positions to the fundamentally-sound counters only.
BANKNIFTY
* The banking index opened at a new all-time high but witnessed profit-taking, leading to a negative bias throughout the session.
* Despite this, the overall momentum remains bullish and prices are currently testing the resistance of a rising channel, signaling potential short-term consolidation.
* Among major banks, PNB, Bank of Baroda, and Canara Bank gained, while Kotak Bank, Axis Bank, and ICICI Bank declined.
* Resistance is expected around 57,600–58,200, with strong support at 57,000–56,550.
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