The banking index traded within a narrow range and closed flat, extending its ongoing consolidation phase - Religare Broking Ltd
Nifty
* Nifty traded in a subdued manner on the weekly expiry day and ended almost unchanged, taking a pause after the recent rebound
* Sectoral participation remained rotational, with metals, FMCG and energy witnessing buying interest, while IT and pharma saw selective pressure.
* Going forward, some consolidation in the index is likely after the recent rebound; however, the overall tone is expected to remain positive.
* A decisive move above the 26,300 level would be required to generate fresh directional momentum, while support remains intact in the 25,950–26,050
BankNifty
* The banking index traded within a narrow range and closed flat, extending its ongoing consolidation phase.
* The breadth among banking majors remained negative, with FEDERALBNK and INDUSINDBK emerging as the top losers, while HDFCBANK and KOTAKBANK were the only gainers.
* Despite the underlying positive tone, the index continues to remain confined within a 1,000-point trading range of 58,800–59,800. For fresh upside momentum, a decisive breakout above 59,500 is required.
* On the downside, immediate support is placed at 59,000; followed by 58,800–58,700 zone
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