Banking Index Holds Above 20-Day EMA Support - Religare Broking Ltd
NIFTY
* Nifty witnessed a volatile session on Tuesday and ended marginally lower as investors balanced mixed global cues with encouraging earnings from select heavyweight companies.
* Technically, the Nifty continues to consolidate within its prevailing range while holding firmly above the crucial 24,000 support zone.
* We expect this range-bound trend to persist, given the mixed performance of the key heavyweight sectors, particularly banking and IT.
* We therefore continue to advocate a stock-specific approach, with a preference for relatively stronger sectors while maintaining disciplined risk and position management, especially for leveraged trades.
BANK NIFTY
* The Banking Index extended its consolidation phase, continuing to find strong support around the 20-day EMA, reinforcing the prevailing positive undertone.
* The index witnessed an initial upward spike but gradually surrendered its gains to settle marginally lower.
* Market breadth remained mixed, with relative outperformance from IndusInd Bank and Federal Bank, while Bank of Baroda and HDFC Bank lagged.
* Immediate resistance is placed at 58,600, whereas 57,100 remains the key support level.
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