Nifty Ends Lower in Volatile Trade Amid Global Weakness & Geopolitical Tensions - Religare Broking Ltd
NIFTY
* Nifty witnessed another volatile session on Tuesday and ended lower, pressured by weak global cues and rising geopolitical concerns.
* The Nifty opened on a subdued note and slipped sharply in the initial hours, briefly testing sub-23,900 levels.
* Sectorally, the trend was mixed—auto, pharma, and FMCG stocks showed resilience, while realty, banking, and financials edged lower.
* We reiterate our preference for energy, metals, and pharma, along with themes such as defence and railways for long positions, while banking and IT may continue to remain subdued.
BANK NIFTY
* The banking index extended its decline, completing a 38.2% retracement of the April 2026 upmove while remaining significantly below the 20-DEMA.
* It opened under sustained selling pressure from the prior session but recovered approximately half of its initial losses later, maintaining a negative near-term bias.
* Momentum was mixed, with strength observed in yes bank and federal bank, while icici bank and axis bank lost strength.
* Immediate resistance is near 55,600, with support at 53,500.
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