Nifty Extends Correction Amid Weak Global Cues - Religare Broking
NIFTY
* Nifty came under renewed selling pressure on Friday, extending the corrective phase amid weak global cues.
* Technically, despite the market being in oversold territory, we are yet to see any meaningful respite, indicating that bears continue to remain in control.
* Going ahead, the 23,100–23,300 zone remains the key support area, while resistance has shifted lower to 23,600–23,800.
* Given the combination of elevated crude prices, rising bond yields and persistent FII outflows, we maintain a negative stance on the index and recommend a cautious, stock-specific approach, with positions on both sides, limited exposure and strict risk management.
BANK NIFTY
* The banking index extended gains for the second consecutive session, although 200 DEMA continues to act as immediate resistance.
* Despite a gap-down opening, the index witnessed recovery with constant higher highs and higher lows, closing in the positive territory.
* Sectoral participation remained mixed, with Yes Bank and HDFC Bank displaying strength, while IndusInd Bank and SBI underperformed.
* Resistance remains near 57,300, with 55,700 as crucial support
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