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NIFTY

* Nifty witnessed a sharp sell-off on Wednesday, with benchmark indices posting their steepest single-day decline in over two months amid adverse global cues.

* Technically, the Nifty has slipped decisively below the key support zone of 24,000–24,150 and fallen beneath its major moving averages, weakening the near-term technical structure.

* The next crucial support is placed in the 23,650–23,800 zone, while any rebound is likely to face stiff resistance in the 24,150–24,300 region.

* Given the prevailing uncertainty, we recommend maintaining a cautious stance, adopting a stock-specific approach with strict risk management, and waiting for greater clarity on geopolitical developments.

BANK NIFTY

* The Banking Index extended its corrective decline on Wednesday, shedding 2.51% amid broad-based profit booking and escalating geopolitical tensions between the U.S. and Iran.

* Selling pressure intensified during the second half after a weak opening, dragging all banking constituents into negative territory, with Union Bank and IDFC First Bank emerging as major laggards.

* Technically, immediate resistance is positioned at 57,800, while 55,600 remains a crucial near-term support zone.

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