Banking index saw mild profit booking; bias stays positive - Religare Broking Ltd
NIFTY
* Nifty remained under pressure on Tuesday and traded sharply lower amid weak global cues.
* The Nifty opened in the red and extended losses through the session, slipping below the crucial 25,400 mark as selling intensified across key sectors.
* Technically, the Nifty has once again retested the crucial support near the 25,400 zone, and a decisive break below this level could trigger the next leg of the decline towards 25,245, which coincides with the 200 DEMA, followed by a major support area around 25,100, marked by a gap on the daily chart.
* Amid the prevailing volatility and weak global cues, participants are advised to remain selective, keep position sizes light and focus on relatively stronger pockets of the market.
BANKNIFTY
* The banking index saw mild profit-taking following gains over the previous two sessions; however, the broader technical bias remains constructive.
* The index sustained strength during the early part of the session before encountering selling pressure later, yet continues to trade above its important moving averages.
* Stock-specific momentum was mixed, with AU Bank and Union Bank outperforming, while HDFC Bank and ICICI Bank lagged.
* Immediate resistance is seen near 61,800, with key support placed around 60,300.
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