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NIFTY

* Nifty witnessed a sharp bout of volatility in the final hour of trade on Friday, with benchmark indices erasing most of their intraday gains amid heavy institutional selling.

* After a steady start, the Nifty traded in a narrow range for most of the session; however, intense selling pressure emerged in the last 30 minutes, dragging the index sharply lower before it managed a partial recovery.

* Technically, the sharp fall in Nifty has completely changed the structure, with index again inching towards the recent swing low i.e. 23,250 level.

* We suggest maintaining cautious undertone and prefer light positions until we see further clarity.

BANKNIFTY

* The Banking Index extended its decline for a third consecutive session, breaching the 50 DEMA, indicating sustained bearish sentiment.

* Despite opening on a positive note, intensified selling pressure during the latter half of the session erased all intraday gains.

* Except Yes Bank, all other banking constituents closed lower, with AU Small Finance Bank and IndusInd Bank leading the decline.

* Immediate resistance is placed at 55,300, while key support is positioned near 53,100.

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