Nifty Extends Corrective Phase Amid Weak Global Cues - Religare Broking Ltd
NIFTY
* Nifty remained under pressure on Wednesday, extending the prevailing corrective phase amid weak global cues.
* Technically, the Nifty has tested its trendline support around 24,000 after seven consecutive sessions of decline.
* A decisive break below this level could extend the correction towards the 23,650–23,800 zone.
* On the upside, the 24,200–24,400 region is expected to act as a strong resistance band in case of a rebound.
* Given the prevailing combination of elevated crude prices, geopolitical uncertainty and weak market momentum, we recommend maintaining a cautious, stock-specific approach with a strong focus on risk management.
BANK NIFTY
* The banking index extended its decline for the second consecutive session, while continuing to consolidate between the 20 and 50 DEMA, indicating a lack of directional conviction.
* Following a weak opening, the index remained range-bound throughout the session.
* Sectoral breadth was mixed, with Yes Bank and Kotak Bank relatively outperforming, while ICICI Bank and SBI underperformed.
* Immediate resistance is positioned near 58,100, whereas 56,650 remains the crucial support zone.
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