Banking Index witnessed profit booking while continuing to trade within the previous session’s range - Religare Broking Ltd
NIFTY
* Nifty remained under pressure on Monday and ended lower amid disappointing earnings from private banking majors and renewed geopolitical concerns.
* Technically, the Nifty once again failed to cross the 24,400 mark, reinforcing the ongoing range-bound trend.
* Immediate support is placed in the 24,000–23,800 zone, while a decisive breakout above 24,400 could trigger the next leg of the recovery.
* We therefore recommend maintaining a cautious "buy-on-dips" approach, focusing on relatively stronger stocks while adhering to disciplined risk and position management.
BANK NIFTY
* The Banking Index witnessed profit booking while continuing to trade within the previous session’s range, indicating consolidation.
* After opening with a gap-down, the index recovered a significant portion of its intraday losses before closing with a bearish candlestick.
* Market breadth remained mixed, with relative strength in PNB and Union Bank, whereas Axis Bank and HDFC Bank underperformed.
* Immediate resistance is placed at 58,800, while 57,100 remains a critical support level.
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