Banking Index Slips After Three-Day Rally - Religare Broking Ltd
NIFTY
* Nifty traded under pressure on Tuesday, with benchmark indices losing over half a percent amid renewed geopolitical concerns.
* After a gap-down start, the Nifty traded within a narrow range for most of the session and eventually settled near the day's low at 24,052.05, down around 0.66%.
* Technically, we continue to maintain our consolidation view on the Nifty, with the 23,800–24,000 zone expected to provide immediate support, while the 24,300–24,400 region is likely to act as the key resistance band.
* We therefore recommend maintaining a stock-specific approach while adhering to disciplined risk and position management.
BANK NIFTY
* The Banking Index witnessed profit booking following three consecutive sessions of gains but found strong support near its 20-day DEMA.
* The index witnessed a gap-down opening with persisted weakness throughout the session, reflected cautious market sentiment.
* Except union bank and axis bank, all other banking index constituents witnessed profit taking and closed in the red.
* Immediate resistance is seen near 58,200, whereas 56,700 remains a crucial support level.
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