Bank Nifty opened with an upside gap from the oversold zones - Religare Broking Ltd
Nifty
* NIFTY experienced a slight recovery after the recent decline, gaining over half a percent.
* Most sectors contributed to the up move, with realty, banking, and FMCG emerging as the top gainers.
* We reiterate our preference for the pharma and healthcare sectors for long positions.
* Participants are advised to maintain a cautious stance with a negative bias on the index until clear signs of a rebound emerge.
Bank Nifty
* Bank Nifty opened with an upside gap from the oversold zones.
* Post loosing nearly 2600 points in 4 sessions, an inside bar is made, giving a pause to follow-on selling.
* Bank Nifty has breached important support zones that are 51600-51800, i.e., 100 DEMA.
* Watch out for 50400 i.e., 200 DEMA, which will be a decisive make-or-break level.
* Traders stay cautious over sharp moves in the index and continue with selling on a bounce below 51800.
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Nifty opened with an upward gap and strong buying momentum from the opening tick led it to e...
