We believe this consolidation is likely to continue amid positive bias with support placed around 53350 zone - Religare Broking Ltd
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NIFTY
* Nifty experienced a volatile session but managed to close near the day's high.
* Sectoral performance was mixed where energy and realty sectors posted gains, whereas IT and FMCG lagged.
* We maintain our bullish outlook amid ongoing consolidation and recommend focusing on stock selection aligned with sectoral trends.
* Traders should plan their positions accordingly.
BANKNIFTY
* Banking index opened lower but recovered its early losses and closed near day’s high.
* Mixed trend continued among the banking majors wherein AXISBANK and FEDERALBNK closed on a positive note while PNB and KOTAKBANK remained under pressure.
* We believe this consolidation is likely to continue amid positive bias with support placed around 53350 zone.
* Traders should remain very specific in stock selection when it comes to banking names and prefer private banking stocks over PSU banking majors.
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