Nifty traded dull on Thursday and ended mildly positive, taking a breather after the recent surge - Religare Broking Ltd
Nifty
* Nifty traded dull on Thursday and ended mildly positive, taking a breather after the recent surge.
* After the positive start, Nifty oscillated in a narrow range till the end and finally settled at 25,016 level.
* Sectoral performance was mixed, with energy and pharma were among the top gainers while IT and Auto indices saw profit booking.
* Amid all, we reiterate our “buy on dips” approach in the index and suggest focusing on accumulating quality names on dips across sectors and themes, which are trading in tandem with the benchmark.
BANKNIFTY
* The banking index extended its rally into a seventh consecutive session, maintaining an overall bullish bias despite some marginal advances.
* The 200-period DEMA remains a robust support zone, while the 100-period DEMA is currently restraining near-term upside momentum.
* Sectoral performance was mixed, with Axis Bank, PNB, and Canara Bank outperforming, contrasted by weakness in AU Bank, IDFC First Bank, and IndusInd Bank.
* Immediate resistance is placed at 55,200, with critical support established near 53,900.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ000174330
