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NIFTY

* Nifty witnessed profit booking on Thursday, declining nearly a percent after the sharp rally in recent sessions.

* On the index front, the Nifty is likely to consolidate after the recent sharp up move, with the immediate hurdle placed at the 24,000 mark, while the 23,400–23,600 zone is expected to act as a cushion on declines.

* A sustained move above 24,000 could signal a resumption of the recovery trend towards the 24,300-24700 zone.

* Meanwhile, traders should maintain a positive yet cautious approach, focusing on stock selection based on sectoral strength.

BANKNIFTY

* The banking index paused after five consecutive sessions of gains, undergoing a healthy correction, currently trading above its 20-day exponential moving average (DEMA) but below the 50-DEMA, indicating short-term indecision.

* The index opened with a downside gap and remained weak throughout the session.

* Momentum was negative, with all constituents closing lower, led by IndusInd Bank and HDFC Bank.

* Immediate resistance stands near 56,700, with strong support around 53,500.

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