Nifty Falls on Global Cues, Geopolitical Tensions Rise - Religare Broking Ltd
NIFTY
* Nifty started the week on a weak note, witnessing a sharp sell-off on Monday and extending the recent downtrend amid negative global cues and rising geopolitical tensions.
* The Nifty opened with a significant gap-down and remained under pressure for most of the session; however, a mild rebound in the final hour helped trim some of the losses.
* The next immediate support is placed around 23,500, followed by the 23,200 zone.
* Considering the prevailing scenario and scheduled weekly expiry, we maintain a cautious stance.
* We recommend staying selective while focusing on strict risk management until market stability returns.
BANKNIFTY
* The banking index extended its declines in the first trading session of the week, registering a sharp decline and closing below the 200- DEMA.
* The index opened with a significant downside gap and, despite modest intraday recovery attempts, failed to close in positive territory.
* Broad-based profit booking pressured banking stocks, where declines led by Union Bank and IDFC First Bank.
* Immediate resistance is placed near 57,600, while crucial support lies around 55,000.
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