Banking Index Rebounds After Volatile Session - Religare Broking Ltd
NIFTY
* Nifty witnessed a volatile session on Wednesday and ended almost unchanged amid mixed global cues. After a positive start, the Nifty traded within a narrow range during the first half.
* However, a sharp decline in the latter half erased all the gains, with the index eventually settling around the 24,078.50 mark.
* Technically, the tug of war between bulls and bears continues to keep the benchmark index range-bound.
* We therefore maintain our "buy-on-dips" approach, with a preference for relatively stronger stocks across sectors while adhering to disciplined risk and position management.
BANK NIFTY
* The Banking Index witnessed heightened volatility but recovered strongly from the previous session’s decline, taking support near 20-day DEMA.
* After opening with a gap-up, the index encountered sustained profit booking throughout the session, yet closed marginally higher.
* Market breadth remained mixed, with SBIN and Union Bank outperforming, while Axis Bank and Kotak Bank underperformed.
* Immediate resistance is placed at 58,600, whereas the 56,700 serve as a critical support level.
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