Nifty Falls Sharply Amid Weak Global Cues and Geopolitical Concerns - Religare Broking Ltd
NIFTY
* Nifty witnessed a sharp risk-off session on Monday, with benchmark indices ending lower amid weak global cues and renewed geopolitical concerns.
* After a gap-down start, the Nifty attempted to recover some losses in the first half; however, renewed selling pressure in the latter half dragged the index back toward the day’s low before it eventually settled at 23,123, down 1.04%.
* Given the prevailing uncertainty and heightened global volatility, we continue to maintain a cautious stance and prefer a sell-on-rise approach in the index.
* At the same time, traders should focus on stock-specific opportunities while maintaining strict risk and position management.
BANKNIFTY
* The Banking Index breached its 20-DEMA once again, witnessing profit booking after a strong four-session rally earlier.
* The index opened with a significant downside gap and attempted an intraday recovery; however, buying momentum remained weak, leading to a negative close.
* Broad-based profit taking was observed across constituents, with only SBI and Federal Bank exhibiting relative strength.
* Immediate resistance is placed at 54,800, while key support is positioned near 53,000.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
