Immediate resistance is placed at 58,300, with 56,900 as crucial support - Religare Broking Ltd
NIFTY
* Nifty traded in a range-bound manner on Friday, maintaining their cautious tone amid lingering geopolitical concerns and elevated crude oil prices.
* After a weak opening, the Nifty remained below the crucial 24,350 mark for most of the session and witnessed bouts of volatility.
* Technically, the tussle around the 24,350 level remains critical for the Nifty, and a decisive move on either side could provide the next directional cue.
* Until greater clarity emerges, participants should maintain a cautious, stock-specific approach, focusing on relatively stronger pockets while maintaining disciplined risk and position management.
BANK NIFTY
* The banking index extended profit booking for the second consecutive session, breaching below the 20 DEMA and moving toward next support around 50 DEMA.
* The index opened with a negative bias and remained range-bound, sustaining weakness throughout the session.
* Sectoral breadth remained mixed, with ICICI Bank and HDFC Bank relatively outperforming, while SBI and AU Bank underperformed.
* Immediate resistance is placed at 58,300, with 56,900 as crucial support.
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