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NIFTY

* Nifty witnessed a strong rebound on Monday, supported by favourable global cues and easing geopolitical concerns.

* The Nifty opened gap-up and traded within a narrow range for most of the session before gaining fresh momentum in the final hour, eventually settling near the day’s high at 24,031.70.

* On the technical front, the Nifty has finally surpassed the key hurdle at the 24,000 mark and may gradually inch toward the 24,400–24,600 zone in the near term.

* We therefore continue to maintain a positive yet cautious stance, with a focus on stock selection based on prevailing sectoral rotation.

BANKNIFTY

* The banking index extended its recovery for a second consecutive session, gaining over 2% on Monday.

* The index moved above the 20 DEMA, while the 50 DEMA remains a critical near-term resistance level.

* The session witnessed a positive gap-up opening followed by sustained buying momentum throughout the day where the upside was led by Union Bank, Canara Bank, and Punjab National Bank.

* Resistance is placed at 56,300, with support near 54,200.

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