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NIFTY

* Nifty traded volatile on Thursday and ended almost unchanged amid favourable cues.

* Buying in select heavyweights during the middle of the session helped the index inch closer to the 24,500 mark; however, it eventually settled at 24,326.65.

* Despite the favourable cues, the Nifty continues to face a lack of momentum on the upside due to the resistance posed by key moving averages (100 and 200 DEMA) in the 24,550–24,750 zone.

* We therefore reiterate our preference for a stock-specific approach across sectors, while remaining selective and avoiding the relatively weaker IT space.

BANK NIFTY

* The banking index extended its upward momentum for a second consecutive session, sustaining above the 20-DEMA, although the 50DEMA continues to act as an immediate resistance.

* The index opened on a positive note but traded within a narrow range throughout the session, indicating lack of directional conviction.

* Momentum remained mixed, with IDFC Bank and Yes Bank leading gains, while Canara Bank and PNB underperformed.

* Resistance is placed near 57,000, whereas key support is positioned around 55,000

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