The Nifty moved in a tight band throughout the session - Religare Broking Ltd
NIFTY
* After an initial dip, the Nifty moved in a tight band throughout the session and eventually settled at 24,244.70.
* This phase of consolidation in the index is in line with expectations and may continue in the coming sessions.
* Therefore, we recommend maintaining a focus on stock selection and using market dips as buying opportunities.
* Meanwhile, sectors like PSEs, metals, and pharmaceuticals could attract renewed interest, so plan your short-term positions accordingly.
BANKNIFTY
* The banking index traded dull and ended the day with marginal loss, as the recent rally paused.
* Mixed trend continued among the banking majors wherein Indusindbk and Federalbnk posted gains whereas Icicibank, Hdfcbank ended lower.
* Any dip towards 54600-54400 can be utilised as buying opportunity for targets of 56000-56400.
* Also, during pullback, one can consider accumulating the outperforming heavyweights like HDFC Bank, ICICI Bank, Kotakbank.
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