Nifty Falls Nearly 1.5% Amid Heavy Selling Pressure - Religare Broking Ltd
NIFTY
* Nifty came under heavy selling pressure on Thursday, extending the prevailing corrective trend and declining nearly one and a half percent.
* Technically, the Nifty has once again retested the April 2026 low of 22,182.55 after the marginal pullback, signalling further weakness in the prevailing structure.
* A decisive break below this level could open the door for a move towards the 21,700–22,000 zone.
* On the upside, 22,400 is likely to act as the immediate hurdle, followed by 22,700–22,800 as the next major resistance.
* Participants should align their positions accordingly and adopt a hedged approach, particularly given the possibility of heightened volatility amid the ongoing earnings season.
BANKNIFTY
* The banking index extended its corrective phase, declining for the second consecutive session and sustaining below key short-term exponential moving averages.
* The index opened on a weak note and remained under pressure throughout the session.
* Sectoral participation was mixed, with PNB and Axis Bank displaying relative resilience, while Yes Bank and IndusInd Bank witnessed profit booking.
* Immediate resistance is placed near 55,300, with support around 53,400.
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