Nifty Opens Higher, Settles at 24,252 - Religare Broking Ltd
NIFTY
* Markets traded on a subdued note on Friday, with benchmark indices consolidating after the rebound witnessed in the previous session.
* The Nifty opened marginally higher amid mixed global cues but remained range-bound throughout the session before eventually settling at the 24,252 level.
* The index is expected to find support in the 24,100–24,000 zone, while the 24,300–24,400 region is likely to act as the immediate resistance band.
* Given the prevailing market setup, we recommend maintaining a cautious stance on the index and focusing on selective stock-specific opportunities.
BANK NIFTY
* The banking index extended its gains for the second consecutive session, reclaiming and sustaining above the 20 DEMA, indicating improving near-term momentum.
* The index opened with a gap on the higher side and maintained strength throughout the session.
* Sectoral breadth remained mixed, with AU Bank and Kotak Bank relatively outperforming, while PNB and Union Bank continued to lag.
* Immediate resistance is positioned around 58,600, whereas 56,900 remains the crucial support zone.
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