Bank Nifty Under Pressure, Ends 1.5% Lower - Religare Broking Ltd
NIFTY
* Nifty remained under intense selling pressure on Tuesday, extending the ongoing corrective phase amid weak global cues and persistent macroeconomic concerns.
* On the technical front, the Nifty is now approaching the gap support zone near the 23,150 level following the breakdown from its earlier consolidation range. Meanwhile, the previous support level of 23,800 is likely to act as a strong resistance hurdle in the event of any rebound.
* Although the decline remains broad-based, selective long opportunities may continue to emerge in defensive themes such as pharma and healthcare, along with select FMCG and energy counters.
* At the same time, traders can continue to explore selective shorting opportunities across relatively weaker sectors and stocks.
BANK NIFTY
* The banking index remained under pressure, extending its losing streak for yet another session and ending over 1.5% lower.
* Sentiment across banking major stayed largely weak, with INDUSINDBK and FEDERALBNK emerging as key laggards, while SBIN and CANBK managed to end marginally in the green.
* The index has slipped below the crucial support level and has entered the gap zone, which could potentially accelerate decline toward the next major support at 52,700.
* On the upside, any rebound is likely to encounter resistance around the role-reversal zone of 54,200, followed by 55,200, where the 20-day EMA is placed
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