The banking index traded lackluster and ended nearly flat, taking a breather near its record highs - Religare Broking Ltd
NIFTY
* Nifty traded lackluster on Friday and ended almost unchanged, taking a breather after hitting a fresh record high.
* Sectoral performance was uneven, with auto and pharma posting gains while energy and financials ended in the red.
* We maintain a positive outlook and recommend continuing with a “buy on dips” approach as long as the Nifty holds above the 25,900 support zone, with a potential upside target near 26,500.
* With sectoral participation shifting on a rotational basis, traders should stick to steady performers and trail stop losses as trades move in their favour.
BANKNIFTY
* The banking index traded lackluster and ended nearly flat, taking a breather near its record highs.
* A mixed trend was seen among the banking majors, with FEDERALBNK and BANKBARODA leading the gains, while AXISBANK and IDFCFIRSTB lagged.
* The index is hovering below its trendline resistance around the 59,900–60,000 zone. A sustained move above this range may open the doors for a rally toward 60,300–60,500.
* On the downside, immediate support lies at 59,500. However, as long as the index holds above 58,700, the bullish undertone is expected to remain intact, and a buy-on-dips approach remains favourable.
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