Nifty extended decline on the monthly expiry day and lost nearly a percent, in continuation to the corrective tone - Religare Broking Ltd
Nifty
* Nifty extended decline on the monthly expiry day and lost nearly a percent, in continuation to the corrective tone.
* Technically, the Nifty has breached its medium term moving average i.e. 100 DEMA around 24,600 now, we have next support around 24250-24350 zone, which coincides with the previous swing low and the long term moving average i.e. 200 DEMA.
* In case of rebound, the earlier support i.e. 24650-24800 zone would act as a hurdle.
* Traders should align their positions accordingly in the index and maintain extra caution in stock selection.
Bank Nifty
* The banking index extended its decline for a fourth straight session, registering losses exceeding 1% in three of those sessions.
* It remains firmly below the 100-day exponential moving average (DEMA), now approaching the 200 DEMA near the 53,500 mark.
* Barring Axis Bank, all index constituents ended in negative territory, underscoring persistent sectoral weakness.
* Immediate resistance is seen near 55,300, while key support zones lie at 54,000 and 53,550, suggesting a potential continuation of the downtrend.
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