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NIFTY

* Nifty witnessed a strong session on Tuesday, extending the ongoing recovery trend, supported by favourable global cues.

* On the technical front, the Nifty has tested the 24,600 level and is likely to target the 24,800 zone next, which coincides with the long-term moving average (200 DEMA), supported by strength in banking and financial stocks, along with rotational participation from other sectors.

* On the downside, immediate support has shifted to the 24,000–24,200 range.

* Traders should maintain a positive yet cautious stance, focusing on stock-specific opportunities while keeping position sizes in check, given the lingering geopolitical risks.

BANKNIFTY

* The banking index recorded a breakout above its consolidation range, extending gains for a third straight session.

* It opened with a positive bias with an upward gap and sustained strength throughout the session, closing above key short- to medium-term exponential moving averages after nearly two months.

* Market breadth improved with all constituents ending higher except Yes Bank, indicating strengthening momentum.

* Immediate resistance is near 58,500, while support is established around 56,150.

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