Banking Index Stays Range-Bound Amid 20 DEMA Resistance - Religare Broking Ltd
NIFTY
* Nifty remained volatile and ended largely flat for yet another session on Thursday, extending the ongoing consolidation phase amid mixed global cues.
* Technically, the Nifty once again failed to sustain above its key resistance zone of 23,800–24,000, which has continued to cap the upside in recent sessions.
* On the downside, immediate support is placed around 23,400, followed by a stronger support base in the 23,150–23,250 zone.
* Given the prevailing setup, we continue to maintain a cautious stance on the index and recommend a stock-specific trading approach while maintaining balanced exposure on both the long and short sides.
BANK NIFTY
* The banking index recorded another range-bound and indecisive trading session, facing resistance at the 20 DEMA on the upside.
* Despite opening with a positive gap, the index failed to sustain early gains and gradually weakened throughout the session, closing in the red.
* The momentum was mixed, with Union Bank of India and IndusInd Bank outperforming, whereas Federal Bank and Yes Bank underperformed.
* Immediate resistance is positioned near 54,400, while support comes around 52,700.
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