Nifty Extends Losing Streak, Ends Marginally Lower - Religare Broking Ltd
NIFTY
* Nifty remained under pressure on Thursday and ended marginally lower, extending its losing streak for the third consecutive session amid weak global cues.
* After a weak opening, the Nifty remained volatile and traded below the 24,400 mark for most of the session before settling at 24,395.85.
* Technically, the 24,350 support zone remains crucial, with bulls making efforts to defend this level and prevent further deterioration in the near-term structure.
* We suggest utilising market dips selectively to accumulate quality stocks from these outperforming pockets, while maintaining disciplined risk and position management.
BANK NIFTY
* The banking index witnessed profit booking following the previous session’s rally but continues to find strong support around its 20 DEMA.
* After a gap-down opening, the index remained under pressure and traded within a narrow range throughout the session.
* Sectoral breadth was mixed, with IDFC First Bank and Kotak Bank outperforming, while ICICI Bank and Bank of Baroda remained relatively weak.
* Immediate resistance stands at 58,700, with 56,900 as crucial support.
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