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NIFTY

* Nifty extended Thursday’s decline and ended lower, shedding over half a percent.

* Weak global cues led to a gap-down start for the Nifty; however, selective buying in heavyweights helped trim some of the losses as the session progressed.

* On the technical front, the Nifty slipped below its short-term moving average (20 DEMA) once again but witnessed a swift rebound after testing the lower end of the recent consolidation range (24,500–25,200).

* It is advisable to avoid aggressive bets and manage risk prudently

BANK NIFTY

* The banking index extended its downward trajectory, closing with losses of almost 1.0%.

* All banking stocks showed negative move, whereas PSU banks lost the most momentum led by Canbk and Sbin.

* The index broke below its upwards moving channel, may witness further correction and likely to remain range-bound.

* A close above the recent high near 57,100 would indicate a continuation upward trend.

* On the downside, key support is expected at 55,100 and 54,500, while intermediate resistance lies in the 56,000–56,400 range.

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