Nifty Extends Rally on Positive Global Cues - Religare Broking Ltd
NIFTY
* Nifty staged a strong rally on Monday, extending their recovery as favourable global cues, easing crude oil prices and encouraging corporate earnings lifted investor sentiment.
* The Nifty faces resistance around 23,500, with a decisive breakout potentially opening the way towards 23,800–23,900.
* On the downside, 22,900–23,200 is likely to act as immediate support.
* Participants should focus on selectively accumulating quality stocks, disciplined stock selection and prudent overnight risk management amid upcoming global events and persistent geopolitical uncertainties.
BANK NIFTY
* The banking index resumed its upward trajectory following a brief profit-booking session, reclaiming and closing marginally above its 20 DEMA.
* After a positive opening, the index filled the initial gap but witnessed a recovery towards the close, maintaining a positive bias.
* Sectoral participation remained mixed, with AU Bank and Bank of Baroda outperforming, while Federal Bank and ICICI Bank witnessed relative weakness.
* Immediate resistance stands near 56,000, with crucial support at 54,300.
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