Banking Index extended its corrective phase for the fourth consecutive session - Religare Broking Ltd
NIFTY
* Nifty remained under pressure on Thursday, extending its losing streak for the fourth consecutive session amid persistent geopolitical concerns.
* Technically, the Nifty has once again retested the lower band of its prevailing consolidation range of 23,800–24,400.
* A decisive break below this support could trigger the next leg of the decline towards the 23,600 zone, which coincides with the rising trendline support.
* Given the mixed earnings outlook, elevated geopolitical risks, and persistent volatility, we continue to advocate a stock-specific approach while maintaining disciplined risk and position management.
BANK NIFTY
* The Banking Index extended its corrective phase for the fourth consecutive session, decisively breaching and closing below the 50- and 100-day EMAs.
* Persistent selling pressure dominated throughout the session following a weak opening
* Broad-based declines were seen across constituents, except Kotak Bank and Federal Bank, rest all reflected weak market breadth.
* Immediate resistance is placed at 57,400, whereas 55,800 remains the critical support level.
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