Nifty Ends Lower Amid Global Uncertainty, Profit Booking - Religare Broking Ltd
NIFTY
* Nifty traded on a subdued note on Monday, with benchmark indices ending lower amid mixed global cues and profit booking in select heavyweight counters.
* A decisive close above the 24,200 mark could trigger the next leg of the upmove towards the 24,450–24,600 zone.
* On the downside, the 23,800 level remains crucial support; a breach below this level could broaden the ongoing consolidation, with the next support placed around 23,600.
* We continue to advocate stock-specific approach, favouring relative outperformers in banking, pharma, healthcare, and select defence counters while maintaining disciplined risk management amid the prevailing volatile environment.
BANKNIFTY
* The Banking Index experienced profit booking on Monday following gains in the preceding two sessions, while sustaining levels comfortably above its short- to medium-term EMAs.
* The index opened with continued weakness weakness and extended losses throughout the session.
* The momentum remained mixed, with Yes Bank and Federal Bank outperforming, whereas Kotak Mahindra Bank and Bank of Baroda underperformed.
* Immediate resistance is positioned at 58,700, with 56,900 serving as critical support.
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