Nifty Extends Winning Streak for Fourth Straight Session - Religare Broking Ltd
Nifty
* Nifty extended their winning streak for the fourth consecutive session on Wednesday, supported by favourable global cues and sustained buying across sectors.
* Technically, the Nifty has reclaimed the psychological 24,000 mark, reinforcing the ongoing recovery, and is now approaching the 100-day EMA near the 24,150 level.
* A sustained move above this zone could pave the way for an extension towards the 24,500 mark in the near term.
* As participation broadens across sectors, we continue to favour a stock-specific approach, focusing on relative outperformers while maintaining disciplined risk management and booking profits on rallies due to anticipated event-specific volatility
BankNifty
* The banking index extended its upward trajectory for a fifth consecutive session, sustaining levels comfortably above key moving averages.
* Opening in line with the previous session's close, the index maintained a positive bias throughout trading.
* Market breadth remained mixed, with Yes Bank and Bank of Baroda outperforming, while Axis Bank and Kotak Mahindra Bank lagged.
* Immediate resistance is placed at 58,600, while support near 56,700.
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