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NIFTY

* Markets remained under pressure and declined over half a percent, extending the ongoing corrective phase.

* After an initial dip, the Nifty attempted to recover, but sharp selling in Kotak Bank following its earnings and continued weakness in select heavyweights from the telecom and IT sectors dragged the index lower as the session progressed.

* We now view the 24,450–24,550 zone as a critical support area, while the 24,900–25,000 range is likely to act as a resistance zone in case of a rebound.

* Traders should maintain a cautious stance and adjust their positions accordingly.

BANKNIFTY

* The banking index exhibited its first signs of weakness in some time, closing below the ascending channel support.

* The recent decline pushed the index below its one-month low, indicating potential further downside in the near term.

* Except for marginal gains in ICICI Bank, HDFC Bank, and IDFC First Bank, most constituents weakened, with Kotak Bank declining over 7%.

* Immediate resistance is identified near 56,750, while near-term support is expected around 55,150.

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