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NIFTY

* Nifty came under renewed selling pressure on Monday, giving up early gains and extending the prevailing corrective trend.

* After opening on a positive note, the benchmark indices witnessed a sharp reversal and gradually moved lower as the session progressed.

* From a technical perspective, the Nifty is attempting to hold the 22,200–22,400 zone, while 22,550–22,700 is likely to act as the immediate hurdle, followed by major resistance around 22,900.

* We thus reiterate our preference for a hedged approach, with a negative bias until the index demonstrates sustained strength above key resistance levels.

BANKNIFTY

* The banking index witnessed profit booking on Monday after the previous session’s strength, encountering resistance near the 20 DEMA.

* Despite a sideways opening, persistent selling pressure dominated the session, keeping the index biased to the downside.

* Sectoral participation remained broadly weak, with Kotak Bank demonstrating relative resilience, while SBI and IndusInd Bank led the decline.

* Immediate resistance is positioned near 55,800, while crucial downside support emerges around 53,800.

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