Nifty began the August series on a negative note, extending the prevailing corrective trend, and ended lower by over half a percent - Religare Broking Ltd

NIFTY
* Nifty began the August series on a negative note, extending the prevailing corrective trend, and ended lower by over half a percent.
* Nifty is now approaching its next crucial support at 24,450; a breach of this level could trigger a retest of the long-term moving average, the 200-day EMA, near 24,180.
* On the upside, the 24,800–25,000 zone is expected to act as a strong hurdle.
* We maintain our cautious stance and continue to recommend a hedged approach with a negative bias until clear signs of reversal emerge.
BANKNIFTY
* The banking index experienced its third consecutive decline, yet continues to hold firm support at current levels.
* Although it breached its ascending moving channel but still a secondary upward trendline provides stronger support.
* Except for Kotak Bank, all constituents faced selling pressure and closed lower amid ongoing profit-taking.
* Immediate support is identified between 55,300 and 54,900, with resistance anticipated in the 56,400 levels, indicating potential consolidation in the near term.
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