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NIFTY

* Nifty traded with a positive bias on Thursday, extending the rebound for the second consecutive session amid supportive global cues and selective buying in heavy weight counters.

* Going forward, the earlier support zone of 23,800–23,900, which coincides with the lower band of the previous consolidation range and the 20-DEMA, may now act as a key resistance hurdle.

* On the downside, immediate support has shifted to 23,500, while the major support remains intact near 23,150.

* Meanwhile, we continue to recommend a stock-specific approach based on sectoral trends while maintaining caution on leveraged positions.

BANK NIFTY

* The banking index halted its four-session corrective decline and rebounded strongly, indicating renewed buying interest.

* After opening on a firm note, the index witnessed initial selling pressure; however, it recovered sharply during the latter half, showing V-shaped recovery supported by short covering.

* Except for Axis Bank, all major banking constituents closed in positive territory, with momentum led by HDFC Bank and Bank of Baroda.

* Immediate resistance is around 55,300, while key support is around 53,150.

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