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NIFTY

* Nifty extended its recovery on Wednesday, with the benchmarks gaining around half a percent amid supportive global cues.

* Technically, the bulls are attempting to reclaim some of the ground lost during the six-week-long correction, although the pace of recovery remains capped by a mixed trend among key heavyweights.

* The 23,600 level remains the key hurdle, while a break below 23,300 could once again derail the recovery.

* Meanwhile, a selective and hedged approach remains preferable amid persistent FII outflows and ongoing geopolitical uncertainty.

BANKNIFTY

* The banking index extended its recovery on Wednesday, sustaining a positive bias throughout the session after opening higher.

* Although the index opened with the positive bias, but still short-term moving averages continue to act as stiff resistance.

* Broad-based buying was evident except Kotak Bank which closed in the red, where upside was led by IDFC First bank and Can bank.

* Immediate resistance stands at 57,500, with support near 55,700.

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