Nifty Ends Lower as US-Iran Sanctions, Crude Weigh on Sentiment - Religare Broking Ltd
NIFTY
* Nifty started the week on a cautious note and ended lower after failing to sustain the early gains, as concerns over fresh US sanctions on Iran and elevated crude oil prices weighed on sentiment.
* The 24,000 zone remains an important near-term support, and a decisive break below this level could reopen the downside towards the 23,650–23,800 zone.
* On the upside, the 24,300–24,400 region is likely to act as the immediate hurdle.
* Given the prevailing geopolitical uncertainty and elevated crude oil prices, we recommend maintaining a cautious, stock-specific approach, with a preference for relatively stronger pockets such as metal, auto and realty
BANK NIFTY
* The banking index witnessed profit booking on Monday after advancing for two consecutive sessions, finding support near the 20 DEMA.
* Despite a gap-up opening, sustained selling pressure triggered a sharp first-half decline, followed by consolidation through the closing session.
* Sectoral breadth remained mixed, with IndusInd Bank and AU Bank outperforming, while Bank of Baroda and Canara Bank lagged.
* Resistance remains near 58,300, while 56,650 is crucial support.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
.jpg)