Nifty began the week on a volatile note and extended their recent decline, ending lower by nearly half a percent - Religare Broking Ltd
Nifty
* Nifty began the week on a volatile note and extended their recent decline, ending lower by nearly half a percent.
* From a technical perspective, the trendline resistance around 25,500 will continue to act as a key hurdle, and unless the index posts a decisive close above this level, near-term consolidation is likely to persist.
* On the downside, the neckline of the breakout zone near 25,150 will serve as crucial support, cushioning any dip and helping the index maintain a sideways-to-positive bias.
* Traders are advised to align their strategies accordingly, focusing on stock-specific opportunities where the risk–reward ratio remains favorable.
BANK NIFTY
* The banking index extended profit booking for a second consecutive session on Monday, though the broader trend remains constructive.
* The index is maintaining support at the 50-DEMA while sustaining comfortably above the 20, 100 and 200 DEMA levels.
* Sectoral performance was mixed, with Canara Bank and Axis Bank advancing, while AU Bank, Federal Bank, and IndusInd Bank lagged.
* Key technical levels indicate immediate resistance near 56,200, with strong support established around 54,500.
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