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NIFTY

* Nifty extended its recovery on Monday, with the benchmarks gaining for the fourth consecutive session as easing crude prices and bargain buying supported sentiment following the recent six-week correction.

* However, the 23,600–23,700 zone remains an important hurdle, and a sustained breakout above this range would be required to signal a stronger recovery.

* On the downside, 23,100–23,300 should act as the immediate support zone, followed by the crucial 23,000 mark.

* With global yields, crude prices and geopolitical developments still capable of triggering volatility, a selective and hedged approach remains appropriate.

BANKNIFTY

* The banking index extended gains for the second consecutive session, although it remains positioned below moving averages, keeping the broader trend cautious.

* After a firm opening, sustained buying interest supported recovery with constant higher top and higher bottom formation during intraday.

* Sectoral performance remained mixed, with YES Bank and HDFC Bank displaying relative strength, while AU Bank and IndusInd Bank remained under pressure.

* Immediate resistance is placed at 57,000, with support near 55,300.

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