Nifty Extends Corrective Trend Amid Sharp Selling - Religare Broking Ltd
NIFTY
* Nifty came under renewed and sharp selling pressure on Thursday, extending the corrective trend.
* From a technical perspective, the Nifty decisively slipped below its major long-term support levels—200-week SMA and EMA around 22,600 and 22,400, respectively—and moved towards the 22,180 mark, its April 2026 low, reinforcing the prevailing bearish setup.
* The 22,000–22,200 zone is likely to act as the next critical support zone while 22,500–22,600 is likely to turn into the immediate hurdle and 22,800 remains the next major resistance.
* With the index extending its corrective phase and volatility rising sharply, the near-term setup remains cautious, with stock-specific opportunities likely to emerge selectively.
BANKNIFTY
* The banking index resumed its downward trajectory after a brief pause, continuing to trade below the short and medium-term EMAs, reflecting sustained weakness.
* After a firm opening, selling pressure intensified during the latter half, resulting in another negative close.
* Sectoral participation remained mixed, with HDFC Bank and Federal Bank displaying relative strength, while PNB and Union Bank faced profit booking.
* Immediate resistance is placed near 55,700, with support around 53,000.
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