Nifty Gains Strongly Amid Volatility on Positive Global Cues & Softer Crude Prices - Religare Broking Ltd
NIFTY
* Nifty remained volatile but managed to post strong gains, largely supported by favourable global cues and easing crude oil prices.
* After an initial gap-up opening, the Nifty traded under pressure in the first half; however, a strong rebound in heavyweights across sectors during the latter half helped the index settle around 24,330, up 1.24%.
* The Nifty rebounded sharply from its support zone near the short-term moving average (20 DEMA) around 24,000 and ended on a firm note.
* Traders should maintain a positive yet cautious stance, focusing on stock-specific opportunities across sectors, while closely monitoring crude oil prices and geopolitical developments for further directional cues.
BANK NIFTY
* The banking index exhibited a strong rebound and closed at its highest level in six sessions, reclaimed the 20 DEMA but encountered resistance at the 50 DEMA.
* Opening with a gap up, the index briefly retraced before staging a V-shaped recovery, followed by a sharp rally in the latter half.
* All constituents, except Federal Bank, closed positive, led by gains in Yes Bank and IndusInd Bank.
* Immediate resistance is near 57,000, with support around 55,000.
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