Nifty Holds Firm Despite Fed Rate Hike - Religare Broking Ltd
NIFTY
* Nifty remained resilient on Thursday despite a cautious global backdrop following the US Federal Reserve’s 25-bps rate hike.
* After opening flat, the benchmarks remained volatile within a narrow range before settling with modest gains.
* Technically, the Nifty’s ability to sustain above the 23,000–23,100 zone is encouraging; however, the broader structure remains cautious following the recent correction.
* A sustained move above 23,600 would be important for a stronger recovery, while a break below 23,000 could reopen downside pressure.
* For now, markets are likely to remain volatile, warranting a selective and hedged approach rather than aggressive positioning.
BANKNIFTY
* The banking index faced renewed profit booking after failing to sustain the previous session’s recovery.
* Following a positive opening, selling pressure intensified, dragging the index into negative territory.
* Sectoral momentum remained mixed, with IDFC First Bank and IndusInd Bank displaying relative strength, while Federal Bank and Bank of Baroda remained under pressure.
* Immediate resistance is placed near 56,700, whereas crucial support comes around 55,400.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
