The banking index traded lower amid profit booking following yesterday`s surge - Religare Broking Ltd
NIFTY
* Nifty took a breather after a phenomenal start to the week, ending the session with a loss of over one percent.
* Profit-taking was evident across the board, with IT, FMCG, and auto sectors emerging as the top losers.
* The broader markets showed a mixed trend, with the small-cap index ending in the green, while the mid-cap index closed nearly unchanged.
* However, we expect the overall tone to remain positive, given the noticeable support in the 24,400–24,600 zone.
BANK NIFTY
* The banking index traded lower amid profit booking following yesterday’s surge.
* Mixed trend was seen among the banking majors wherein PSU banks outperformed the private counterparts.
* Banknifty has entered into its prior trading range, signalling consolidation ahead.
* For index to resume the uptrend, it needs to surpass its record high resistance near 56100.
* However, a break below the strong support of 54100, which aligns with 20 EMA, could deteriorate the trend.
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