Nifty falls sharply, extends correction on weak global cues - Religare Broking Ltd
NIFTY
* Nifty extended their decline on Friday, ending sharply lower and continuing the ongoing corrective phase amid weak global cues.
* Immediate support is placed around 22,500, and a decisive break below this level could trigger further downside towards 22,000.
* On the upside, 23,000 is likely to act as an immediate hurdle, followed by a stronger resistance near the 23,500 zone in case of any recovery.
* Participants are advised to maintain a cautious approach, avoid aggressive positioning, and focus on disciplined risk management while adopting a selective, stock-specific trading strategy.
BANKNIFTY
* The banking index declined on Friday, reversing gains recorded over the previous two sessions and aligning with earlier signs of weakness.
* It opened with a downward gap and remained under sustained selling pressure throughout the session, trading significantly below its short-term moving averages.
* Broad-based liquidation was observed across constituents, led by Bank of Baroda and Punjab National Bank.
* Immediate resistance is seen near 54,300, with strong support established around 51,000.
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