Banking Index Slips Below 50-Day DEMA - Religare Broking Ltd
Nifty
* Nifty traded on a subdued note on the monthly expiry day and ended almost unchanged amid mixed cues.
* Technically, the Nifty is hovering near its immediate resistance zone of 24,050–24,150, while the mixed trend among heavyweight stocks across sectors continues to cloud the near-term directional outlook.
* On the downside, the 23,600–23,800 region remains a crucial support zone, and a decisive breach below this range could trigger fresh selling pressure.
* Given the mixed global backdrop, ongoing earnings season, and key events ahead, we continue to advocate selective stock-specific approach, preferring auto and pharma.
BANK NIFTY
* The Banking Index witnessed profit booking, declining below its 50-day DEMA while the 100-day DEMA continues to provide crucial near-term support.
* Following a gap-down opening, the index remained under sustained selling pressure throughout the session.
* Market participation was mixed, with IDFC First Bank and Federal Bank outperforming, while Canara Bank and Bank of Baroda experienced profit booking.
* Immediate resistance stands at 57,400, while 56,000 remains key support for the index.
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