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NIFTY

* Nifty traded with a negative bias on Wednesday, extending their recent corrective trend amid weak global cues and persistent geopolitical concerns.

* The Nifty opened gap down and remained range bound for most part of the session and, with only brief recovery attempts during intraday trade and finally settled near the 24,480.50 mark, down around 1.55%,

* Going ahead, the next major support for Nifty is at 24,050, which coincides with the support zone of 100 WEMA (Weekly Exponential Moving Average).

* Given the current environment of heightened volatility and weak global cues, participants should remain cautious, keep position sizes light and focus on disciplined trade management.

BANKNIFTY

* The banking index decisively breached and closed below the 100-day DEMA and now approaching towards 200 DEMA.

* The session began with a downside gap opening, followed by a brief rebound attempt that was firmly rejected as sellers dominated throughout the day.

* Broad-based selling pressure persisted across banking stocks, led by Bank of Baroda and Canara Bank.

* Immediate resistance is seen near 59,600, while critical support lies around 57,900 in the near term.

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