Nifty edged higher on Wednesday amid mixed cues, gaining over half a percent -Religare Broking Ltd
NIFTY
* Nifty edged higher on Wednesday amid mixed cues, gaining over half a percent.
* From a technical perspective, the Nifty has rebounded from its key support zone near 23,950, indicating a potential continuation of the consolidation-to-positive phase.
* Immediate resistance is placed in the 24,200–24,350 zone, followed by a crucial hurdle near 24,600.
* On the downside, decisive break below short-term moving average (20 DEMA) could drag the index towards the 23,550–23,800 range.
* We continue to recommend a stock-specific approach based on sectoral strength, while utilizing rebounds in crude-sensitive themes and IT stocks for shorting opportunities.
BANK NIFTY
* The banking index experienced a volatile trading session, ultimately closing flat, reflecting prevailing market indecision.
* After a firm opening and initial upward traction, gains were eroded in the latter half, resulting in a close with a negative bias below the 20-DEMA.
* Momentum remained mixed, with strength in IndusInd Bank and IDFC First Bank, while Federal Bank and Union Bank exhibited weakening trends.
* Immediate resistance is placed at 56,500, with critical support at 54,300
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
