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NIFTY

* Nifty witnessed another volatile session on Wednesday, with benchmark indices ending marginally higher amid mixed signals.

* Technically, the Nifty continues to trade below the crucial resistance zone of 23,800–24,000, indicating that the broader undertone remains cautious.

* However, rotational buying in select heavyweight stocks across sectors is helping limit the downside, with the index finding support in the 23,250–23,400 zone so far.

* Meanwhile, we continue to recommend a sector-specific trading approach with a strong emphasis on overnight risk management.

BANKNIFTY

* The banking index extended its consolidation phase, remaining range-bound within the trading range established over the previous two sessions.

* Despite a gap-down opening, the index demonstrated gradual intraday recovery and ended the session in positive territory, indicating a mildly bullish undertone.

* The movement was mixed, with Axis Bank and Bank of Baroda outperforming, while HDFC Bank and ICICI Bank underperformed.

* Immediate resistance is placed near 54,500, with strong support identified around 52,700.

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