Nifty Extends Recovery for Second Straight Session - Religare Broking Ltd
NIFTY
* Nifty extended its recovery for a second consecutive session on Friday, with benchmark indices trading higher following Thursday’s sharp rally.
* From a technical perspective, the Nifty is approaching the 23,300 mark, and a decisive breakout above this level could extend the recovery towards 23,500–23,700.
* On the downside, the 22,700–22,900 zone is now expected to provide support. Given the mixed cues and the busy earnings calendar, we maintain a positive yet cautious stance, with an emphasis on selective stock picking and disciplined trade management.
BANK NIFTY
* The banking index extended its recovery for the second consecutive session, sustaining above the 20 DEMA while encountering immediate resistance at the 50 DEMA.
* After opening firm, the index maintained a positive intraday bias, reflecting improving short-term momentum.
* Sectoral participation remained mixed, with Canara Bank and Bank of Baroda demonstrating relative strength, while Yes Bank and AU Small Finance Bank underperformed.
* The index faces resistance near 57,000, with crucial downside support around 55,000.
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