Nifty ended Thursday`s session on a weaker note as selling pressure intensified, largely in response to feeble global cues - Religare Broking Ltd
NIFTY
* Nifty ended Thursday’s session on a weaker note as selling pressure intensified, largely in response to feeble global cues.
* Technically, the Nifty has breached the lower band of its rising channel and retested the crucial support zone around the previous swing low near 25,880.
* On the upside, the earlier support in the form of the short-term 20-day DEMA, placed around 26,050, is likely to act as an immediate hurdle, followed by a stronger resistance near 26,300.
* Participants are advised to maintain strict risk management in existing short-term positions amid heightened volatility and wait for clearer directional cues.
BANKNIFTY
* The banking index faced continued profit-taking for a second session but remained above its 20-day exponential moving average, preserving its constructive bias.
* After a flat opening, bears dominated intraday trade, although the broader trend remains positive.
* Most constituents closed lower, with declines led by Yes Bank and Union Bank, while IDFC First Bank and ICICI Bank closed in positive.
* Immediate resistance is placed near 60,300, whereas key support is located around 59,000.
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