Nifty edged lower after a brief respite, losing nearly a percent, weighed down by weak global cues - Religare Broking Ltd
NIFTY
* Nifty edged lower after a brief respite, losing nearly a percent, weighed down by weak global cues.
* However, it rebounded in the final hours after retesting the crucial support zone of the short-term moving average — the 20-day EMA — around the 24,450 level, and eventually closed at 24,609.70.
* Going forward, it is crucial for the Nifty to hold above its 20-day EMA support near 24,450.
* A breach of this level may trigger further profit-taking, potentially dragging the index down to the 24,100 mark.
BANK NIFTY
* The banking index recovered from its intraday low after initial losses and closed marginally negative.
* Mixed trend continued among the banking majors wherein Indusindbk witnessed gains while PNB and Axisbank remained top losers.
* The index reversed taking support of its 20 EMA which shows resilience at lower levels but must hold the 54600–54400 zone to avoid further decline.
* On the upside, the index need decisive close above 55500-55700 for continuation of the uptrend.
* Traders should keep a close watch on these levels and align their positions accordingly
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