Markets rise 4th day on Wednesday, aided by geopolitical cues - Religare Broking Ltd
NIFTY
* Markets surged sharply on Wednesday, extending gains for the fourth consecutive session, supported by favorable geopolitical cues.
* On the index front, the Nifty has approached its immediate hurdle around the 24,000 mark after four consecutive sessions of gains and may witness a breather at higher levels.
* However, the overall tone remains positive, with a support cushion placed in the 23,400 - 23,600 zone.
* Traders may focus on stock-specific opportunities across sectors, with a preference for rate-sensitive segments, while maintaining prudent position sizing amid elevated volatility.
BANKNIFTY
* The banking index extended its rally for a fifth consecutive session, surpassing its short-term 20-day exponential moving average (DEMA) and approaching the 50-DEMA.
* The index opened with a substantial upward gap and sustained strength throughout the session.
* Momentum remained positive, with all constituents closing in positive territory, led by AU Bank and IDFC First Bank.
* Immediate resistance is positioned near 57,300, while strong support is observed around 53,700.
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