Banking Index Extends Profit Booking for Second Session - Religare Broking Ltd
NIFTY
* Nifty traded in a volatile manner on the monthly expiry day, extending their cautious tone amid renewed geopolitical concerns.
* After a weak start, the Nifty traded in a range with a negative bias for most of the session and briefly tested the trendline support.
* A decisive break below of 24100-24000 zone could extend the correction towards the 23,650–23,800 zone.
* On the upside, 24,400 region is expected to act as the immediate resistance on rebound.
* Given the rising 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 profit-booking for the second consecutive session, oscillating between the 20 and 50 DEMA levels.
* Despite opening with a positive bias, persistent selling pressure dragged the index into negative territory.
* Sectoral breadth remained mixed, with Union Bank and AU Bank outperforming, while Federal Bank and IDFC First Bank underperformed.
* Immediate resistance is positioned near 58,300, while 56,800 remains the crucial support zone.
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