The index failed to surpass the resistance marked around 56100 - Religare Broking Ltd
NIFTY
* Nifty traded lackluster and ended nearly unchanged in the absence of any significant trigger.
* After an initial uptick, the Nifty moved in a narrow range and closed flat at the 24,321 mark.
* Beyond the strong performance from banking and financials, we are now witnessing rotational buying in heavyweight stocks from other sectors such as IT, energy, and auto.
* Participants are advised to continue with a “buy on dips” strategy, focusing on stock selection based on relative strength.
BANK NIFTY
* The banking index erased the early gains after retesting its record high level and ended on a flat note.
* Mixed trend was seen among the banking majors wherein Federalbnk, Indusindbk closed higher while Kotakbank, Sbin in red.
* The index failed to surpass the resistance marked around 56100.
* This brings the index back to a sideway consolidation where 54500-54100 will be the support zone and 56100 remains a key resistance.
* Till then buying on dip could be an effective trading strategy in this scenario.
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