Banking Index Posts Modest Gains After Weak Start - Religare Broking Ltd
NIFTY
* Nifty traded volatile and ended lower on Friday, extending their losing streak for the fifth consecutive session amid persistent geopolitical concerns, elevated crude oil prices, and disappointing earnings from select large-cap companies.
* Technically, the Nifty slipped below the lower band of its prevailing consolidation range of 23,800–24,400 and tested the crucial trendline support around the 23,600 mark before witnessing a rebound.
* Going forward, a decisive breach of this trendline support around 23,600 could derail the ongoing recovery structure and trigger the next leg of the decline towards the 23,100 zone.
* Given the prevailing uncertainty, we continue to advocate a cautious, stock-specific approach while maintaining a strong focus on overnight risk and disciplined position management.
BANK NIFTY
* The Banking Index snapped its four-session losing streak, ending the session with modest gains despite a gap-down opening.
* Buying interest strengthened, driving a recovery above the 100-day EMA and improving near-term market sentiment.
* Performance remained stock-specific, with AU Small Finance Bank and Bank of Baroda outperforming, while IndusInd Bank and HDFC Bank witnessed profit booking.
* Immediate resistance is placed at 57,800, while 55,600 serve as the critical support level.
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