IGI Logo

NIFTY

* Nifty edged higher on Tuesday, gaining over half a percent and taking a breather after the recent decline.

* The Nifty index nearly tested the crucial support zone of its medium-term moving average, the 100-day EMA, in early trade, followed by a gradual recovery that lasted until the close.

* However, participants should avoid reading too much into a single-day bounce and remain focused on selective stock picking and disciplined trade management, given the next resistance around the 25,000–25,100 zone.

* Moreover, the upcoming derivatives expiry and global developments could add to market volatility in the near term.

BANKNIFTY

* The banking index has broken below its recent consolidation range and ascending trendline, signaling emerging weakness.

* Momentum remains mixed, with PNB and AU Bank leading gains while Axis Bank and IDFC First Bank exert downward pressure.

* Immediate resistance is situated at the 20-day EMA near 56,800, followed by 57,300.

* Key support levels are identified at 55,500, corresponding to the March low trendline, and subsequently at 55,000.

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330