The banking index regained upward momentum after a brief pause, reflecting sustained positive sentiment - Religare Broking Ltd
Nifty
* Nifty staged a rebound after yesterday’s dip, gaining nearly half a percent and continuing their consolidation phase.
* After an initial whipsaw, the Nifty index witnessed steady upward momentum led by buying in heavyweights across sectors and finally settled at 25,181.80.
* However, a decisive breakout above 25,200 would confirm the move, with upside targets seen at 25,400 and 25,650 levels.
* On the downside, a break below 24,950 may derail the positive tone and extend the consolidation phase.
* Amid this setup, traders should focus on identifying sectoral outperformers and use intermediate dips to accumulate quality names.
BANK NIFTY
* The banking index regained upward momentum after a brief pause, reflecting sustained positive sentiment.
* Having surpassed previous swing highs, it remains firmly above the key 50, 100 and 200 day EMAs, reinforcing its bullish structure.
* Momentum, however, was mixed—Federal Bank and IDFC First Bank advanced, while Axis Bank and AU Bank lot strength.
* From a technical perspective, the index faces immediate resistance near 56,800, with strong support established around the 55,500 level.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ000174330
