Nifty Extends Correction Amid Intense Selling Pressure, Geopolitical Concerns - Religare Broking Ltd
NIFTY
* Nifty remained under intense selling pressure on Monday, extending the ongoing corrective phase amid persistent geopolitical concerns and fear over a possible US interest rate hike.
* Technically, the Nifty has slipped back below the immediate support of 23,800, and the close indicates the possibility of a retest of the July swing low at the 23,600 level next, while the 23,900–24,050 region is expected to act as a stiff hurdle on any rebound.
* Given the current setup, we recommend continuing with a “sell on rise” approach in the Nifty, while staying selective on the stock-specific front and focusing on strict risk management until the market stabilizes.
BANK NIFTY
* The banking index extended profit booking for the second consecutive session, breaching its 50 DEMA, while the 100 DEMA now emerges as strong immediate support.
* The index opened under sustained selling pressure continued from the previous session and remained weak throughout the day.
* Except ICICI Bank, which gained marginally, all constituents closed lower amid broad-based profit booking.
* Immediate resistance is placed near 57,800, while 56,000 remains a crucial support level.
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