Nifty Extends Recovery on Crude Relief, Bargain Buying - Religare Broking Ltd
NIFTY
* Nifty extended its recovery for the second straight session on Friday, supported by easing crude prices and bargain buying after the recent correction.
* Technically, the Nifty’s ability to sustain above the 23,200–23,300 zone provides some near-term stability after the recent decline.
* A sustained move above 23,600 would strengthen the recovery, while 23,000–23,100 remains the crucial support area.
* For now, the focus should remain on selective opportunities, with a cautious and hedged approach preferred amid elevated crude prices, persistent FII selling and global rate uncertainty.
BANKNIFTY
* The banking index regained momentum and closed higher, though it continues to trade below key moving averages which kept the view cautious.
* After a firm opening and initial decline, the index recovered with forming a higher high and higher low intraday.
* Sectoral performance remained mixed, with HDFC Bank and Bank of Baroda showing relative strength, while ICICI Bank and Canara Bank remained weak.
* Immediate resistance stands at 57,000, with support near 55,400.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
