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NIFTY

* Nifty witnessed some respite on the final trading day of the week, gaining nearly a percent amid mixed cues.

* All key sectors, except pharma, contributed to the up move, with FMCG, financials, and IT emerging as the top gainers.

* Technically, the recovery after retesting the crucial short-term support level — the 20-day exponential moving average (20 DEMA) — has eased some pressure.

* We maintain our view of adopting a “buy on dips” strategy, with a focus on selective stock picking, unless the Nifty decisively breaks below the 24,500 mark.

BANK NIFTY

* The banking index recovered from its intraday low after initial losses and closed marginally negative.

* Mixed trend continued among the banking majors wherein Indusindbk witnessed gains while PNB and Axisbank remained top losers.

* The index reversed taking support of its 20 EMA which shows resilience at lower levels but must hold the 54600–54400 zone to avoid further decline.

* On the upside, the index need decisive close above 55500-55700 for continuation of the uptrend.

* Traders should keep a close watch on these levels and align their positions accordingly.

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