Nifty extended its weakness on Tuesday and ended lower amid broad-based selling and weak global cues - Religare Broking Ltd
NIFTY
* Nifty extended its weakness on Tuesday and ended lower amid broad-based selling and weak global cues.
* The Nifty opened in negative territory and remained under pressure for most of the session, eventually closing at 25,232.50, down by 1.38%.
* Following this decline, the Nifty has approached a crucial support zone near its long-term moving average, the 200 DEMA, placed around the 25,150 level.
* In this environment, participants are advised to keep position sizes in check and align trades in accordance with the prevailing market trend.
BANK NIFTY
* The banking index extended its correction for the second consecutive session, continued selling pressure and closing below its short-term 20 DEMA.
* The index opened with a negative bias and remained under sustained distribution throughout the session.
* Except for HDFC Bank, all constituents ended in the red, with IndusInd Bank and Yes Bank leading the decline.
* Technically, immediate resistance is placed near 59,800, while critical support is positioned around 58,700.
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