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NIFTY

* Nifty witnessed a strong rally on Monday, extending Friday's gains amid favourable global cues and easing geopolitical concerns.

* Technically, Nifty has strengthened its recovery after decisively surpassing the hurdle of upper band of declining channel at 23,800 and touched the psychological 24,000 mark.

* On the downside, the 23,500-23,650 region is expected to act as a critical support in the event of any profit-taking.

* While the near-term outlook has improved meaningfully, we continue to advocate a stock-specific approach with disciplined risk management, favouring banking, financials, auto, infrastructure, and select domestic cyclical themes for long positions.

BANKNIFTY

* The Banking Index advanced for a third consecutive session, sustaining levels above key short- to medium-term moving averages, reflecting continued positive momentum.

* After opening with a significant gap-up, the index experienced moderate profit booking but retained strength to close higher.

* Market breadth remained favorable, with ICICI Bank being the sole laggard, while gains were led by Yes Bank and IDFC First Bank.

* Immediate resistance is seen at 58,600, with support at 56,200.

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