Banking Index Finds 20-DEMA Support - Religare Broking Ltd
Nifty
* Nifty traded volatile on Wednesday and ended on a flat note amid mixed cues.
* However, a recovery in the final hour helped trim the losses, with the index eventually settling around the 24,624 mark.
* Technically, the Nifty continued to consolidate above the crucial support zone of 24,350–24,400, indicating that the broader bullish structure remains intact.
* A sustained move above the 24,800 mark could accelerate the next leg of the rally towards the 25,000–25,200 zone.
* We continue to advocate a "buy-on-dips" strategy, with a preference for relatively stronger sectors while maintaining disciplined risk management.
BANK NIFTY
* The banking index remained range-bound, with the 20-DEMA continuing to provide reliable dynamic support.
* Despite a gap-up opening, sustained selling pressure capped intraday gains and weakness persisted throughout the session.
* Sectoral momentum remained mixed, as SBI and Union Bank demonstrated relative strength, while Federal Bank and HDFC Bank witnessed momentum deterioration.
* Immediate resistance near 58,700, whereas 57,000 remains the key near-term support level.
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