Nifty Extends Losing Streak for Sixth Session - Religare Broking Ltd
NIFTY
* Nifty remained under pressure on Tuesday, extending their losing streak for the sixth consecutive session amid weak global cues.
* Technically, the Nifty has slipped below the crucial 24,200 support zone, further weakening the near-term structure after six consecutive sessions of decline.
* The current setup indicates the possibility of further correction towards 24,000, followed by 23,800.
* Given the prevailing uncertainty, we recommend maintaining a cautious, stock-specific approach, with greater emphasis on prudent position sizing and risk management.
BANK NIFTY
* The banking index remained aligned with its short-term trend, witnessed some more profit booking on Tuesday, still consolidate between the 20 and 50 DEMA.
* The index opened with a gap-down and thereafter hovered sideways within a narrow range.
* Sectoral breadth remained mixed, with Axis Bank and Federal Bank outperforming, while Yes Bank and Union Bank underperformed.
* Immediate resistance is placed at 58,000, while 56,650 remains the key support zone.
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