Nifty Extends Correction Amid Geopolitical Tensions - Religare Broking Ltd
NIFTY
* Nifty remained under pressure on Wednesday, extending the recent corrective phase as escalating geopolitical tensions continued to weigh on investor sentiment.
* Technically, the Nifty has decisively slipped below the crucial 23,600 support zone, weakening the near-term structure.
* The index could now move towards the next support zone of 23,300–23,100, while any recovery is likely to face resistance around 23,600–23,800.
* With crude crossing $100 again and FII selling persisting, we maintain a negative stance on the index and recommend a selective, stock-specific approach, with positions on both sides and strict risk management.
BANKNIFTY
* The banking index extended its profit-booking phase for the fourth consecutive session, closing below the 200 DEMA.
* After a gap-down opening, initial recovery attempts failed as aggressive selling emerged during the second half, forcing a weak close.
* Sectoral momentum remained mixed, with IndusInd Bank and PNB showing relative strength, while HDFC Bank and Kotak Bank underperformed.
* Immediate resistance is placed near 57,000, while 55,600 remains crucial support.
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