Nifty traded on a subdued note on Friday and ended with marginal gains amid mixed cues - Religare Broking Ltd
NIFTY
* Nifty traded on a subdued note on Friday and ended with marginal gains amid mixed cues.
* Technically, the tussle around the 24,100-24,000 zone remains critical for the Nifty.
* A sustained break below this level could extend the correction towards 23,800–23,650.
* On the upside, 24,200 is likely to act as the immediate hurdle, followed by the 24,300–24,400 zone.
* Amid the prevailing uncertainty and elevated crude prices, we recommend maintaining a cautious stance on the index and focusing on selective stock-specific opportunities.
BANK NIFTY
* The banking index remained under selling pressure on Friday, closing marginally lower after oscillating between its 20 and 50 DEMA.
* The index opened gap-down and sustained a weak bias throughout the session.
* Sectoral breadth remained mixed, with HDFC Bank and Axis Bank outperforming, while ICICI Bank and AU Small Finance Bank underperformed.
* Immediate resistance is placed near 58,000, whereas 56,900 remains the crucial support zone.
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