Banking Index extended its recovery for a second consecutive session, sustaining above the 50 and 100 DEMA - Religare Broking Ltd
NIFTY
* Nifty witnessed a strong rebound on Monday, snapping their five-session losing streak amid supportive global cues and encouraging quarterly earnings.
* However, the index continues to trade below the immediate resistance band of 24,000–24,150, which coincides with its 20-day and 100-day DEMA, making this zone a critical hurdle for the bulls.
* On the downside, the 23,600–23,800 region is expected to provide immediate support in the event of any profit-taking.
* Given the prevailing volatility, we continue to advocate a stock-specific approach, preferring relatively stronger stocks across sectors while maintaining disciplined risk and position management.
BANK NIFTY
* The Banking Index extended its recovery for a second consecutive session, sustaining above the 50 and 100 DEMA, while the 20 DEMA remains an immediate resistance.
* Following a gap-up opening, the index traded within a narrow range, indicating consolidation.
* Market participation remained mixed, with IDFC First Bank and AU Small Finance Bank outperforming, while Bank of Baroda and HDFC Bank witnessed profit booking.
* Resistance stands at 58,000, with 56,000 as key support.
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