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Nifty

* Nifty extended gains on Tuesday, rising nearly half a percent in a range-bound session on the weekly expiry day.

* After opening firm, the index faced resistance around the 24,900 mark and then moved sideways till the close.

* We maintain a positive yet cautious outlook on the Nifty and suggest closely tracking the performance of banking and IT majors for further cues.

* Traders should continue with a “buy on dips” approach in the leading sectors while ensuring a favorable risk-reward balance.

Bank Nifty

* The banking index delivered a subdued performance, opening firm but failing to sustain gains amid lackluster momentum.

* The 200-period DEMA continues to offer robust trend support, while the 100-period DEMA caps immediate upside.

* Momentum signals were mixed, highlighted by relative strength in IDFCFIRSTB and FEDERALBK, contrasted by notable underperformance in INDUSINDBK and AUBANK.

* Resistance is established at 54,900, with structurally significant support residing at 53,500, delineating the near-term technical boundaries.

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