The banking index recorded another consolidation session, trading within a narrow range - Religare Broking Ltd
Nifty
Nifty traded in a lacklustre manner and ended almost unchanged, taking a breather after the recent surge.
After an initial uptick, the Nifty index hovered within a narrow range for most of the session and finally closed at 25,953.85.
Participants should continue to focus on stock selection and use this consolidation phase to accumulate quality names across sectors, except IT, which continues to face pressure.
Within the broader market, preference remains for midcap stocks, with selective exposure to smallcaps based on relative strength and risk-reward.
BANKNIFTY
The banking index recorded another consolidation session, trading within a narrow range and closing without a decisive breakout, reflecting a balanced contest between buyers and sellers.
Although the index opened with sustained weakness, it recovered during the latter half, preserving a positive bias.
Momentum remained mixed: SBI and Federal Bank showed strength, while IDFC First Bank and AU Bank underperformed.
Immediate resistance is placed near 61,500, with support around 60,200.
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