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Nifty

* Nifty rebounded sharply on Wednesday, snapping an eight-session losing streak on the back of firm domestic cues.

* The benchmark index opened higher, supported by buying across large-cap counters, and scaled an intraday high near 24,867.95 before trimming some gains to finally settle at 24,836.30.

* That said, participants should avoid reading too much into a single-day rebound and wait for stability above 24,900 to confirm a sustained recovery, with immediate support now placed in the 24,600–24,700 zone.

* Amid all, traders should avoid getting carried away and stick to a stock-specific approach.

BANK NIFTY

* The Banking Index demonstrated renewed strength, surpassing all key short- to medium-term moving averages.

* The index closed over 1.3%, marking a third consecutive positive close with sustained intraday momentum, reinforcing the prevailing bullish bias.

* Performance across constituents was mixed, led by notable gains in Kotak Bank and Axis Bank, while IDFC First Bank and SBI exhibited relative weakness.

* From a technical standpoint, immediate resistance is positioned near 56,200, with firm support established around 54,700.

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