Nifty Gives Up Gains as Profit Booking Resurfaces - Religare Broking Ltd
NIFTY
* Nifty surrendered part of the previous session’s sharp gains on Wednesday as profit booking resurfaced amid persistent macroeconomic concerns.
* We reiterate our cautious stance on the index, with the 22,850 level, coinciding with the 20-day exponential moving average (20-DEMA), acting as the immediate hurdle, followed by the 23,000–23,200 zone.
* On the downside, the 22,200–22,400 zone is likely to provide a cushion.
* Given elevated crude prices, persistent foreign fund outflows and uneven market breadth, market participants should remain selective, prioritising stock-specific opportunities and disciplined risk management.
BANK NIFTY
* The banking index witnessed profit booking following the previous session’s gain, with the 20 DEMA acting as immediate resistance.
* Despite a firm opening, selling pressure emerged during the second half, tempering recovery momentum.
* Sectoral participation remained mixed, as Canara Bank and PNB demonstrated relative resilience, while Bank of Baroda and ICICI Bank underperformed.
* The index faces immediate resistance near 56,400, while crucial support is positioned around 54,400.
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