Nifty Extends Losing Streak for Fifth Session - Religare Broking Ltd
NIFTY
* Nifty remained under pressure on Monday, extending their losing streak for the fifth consecutive session amid weak global cues.
* Technically, the Nifty came close to testing its crucial medium-term moving-average support, with the 100 DEMA placed around 24,200, with weakness in key sectors such as banking and IT weighing on the index.
* Given the prevailing combination of elevated crude prices, geopolitical uncertainty and weakness in key heavyweights, we recommend maintaining a cautious, stock-specific approach, utilising market declines selectively to accumulate relatively stronger stocks while maintaining disciplined risk and position management.
BANK NIFTY
* The banking index extended its sideways consolidation, closing nearly unchanged while oscillating between the 20 and 50 DEMA.
* The index opened weak initially, before showing a V-shaped recovery in the second half and closing with a positive bias.
* Sectoral breadth remained mixed, with Yes Bank and Axis Bank outperforming, while AU Bank and IndusInd Bank underperformed.
* Immediate resistance remains at 58,300, with 56,900 as crucial support.
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