Nifty Faces Sharp Selling Pressure, Extends Correction - Religare Broking Ltd
NIFTY
* Nifty came under renewed and sharp selling pressure on Monday, extending the corrective trend.
* From a technical perspective, the Nifty decisively slipped below the 23,000 psychological support and moved towards the 22,800 zone, reinforcing the prevailing bearish setup.
* The 22,400–22,600 zone is likely to act as the next critical support zone while 23,000–23,100 is likely to turn into the immediate hurdle and 23,400 remains the next major resistance.
* With the index extending its corrective phase and volatility rising sharply, the near-term setup remains cautious, with stock-specific opportunities likely to emerge selectively.
BANKNIFTY
* The banking index remained under intense selling pressure, declining nearly 2% and showing limited signs of recovery.
* After a weak opening, sustained profit booking kept the index below its short- and medium-term EMAs, reinforcing bearish momentum.
* Except Federal Bank, all constituents closed lower, with Yes Bank and Union Bank leading the downside amid broad-based weakness across the sector.
* Immediate resistance is placed near 55,400, while crucial support remains around 53,600.
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