Nifty Extends Corrective Trend Amid Volatility - Religare Broking Ltd
NIFTY
* Nifty traded volatile on Wednesday but eventually edged lower, extending the prevailing corrective trend.
* From a technical perspective, the Nifty failed to sustain the recovery above the 22,750–22,800 zone and slipped back towards the 22,600 area, keeping the broader structure firmly under pressure.
* The 22,600 zone remains an important immediate support, followed by the 22,400 region, while 22,750–22,800 is likely to act as the immediate hurdle and 23,000 as the major resistance.
* With the index continuing to trade near six-month lows and broader market participation remaining weak, the near-term setup remains cautious, warranting a selective approach and close monitoring of the key support levels.
BANKNIFTY
* The banking index snapped a two-session losing streak on Wednesday amid short covering, still continues to hover below major moving averages.
* The index opened on a positive note and sustained strength throughout the entire session.
* Sectoral participation remained mixed, with Union Bank and IDFC First Bank showed strength, while HDFC Bank and Federal Bank witnessed profit booking.
* Immediate resistance is near 55,800, while support remains around 53,800.
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