Nifty Rebounds After Sharp Sell-Off - Religare Broking Ltd
NIFTY
* Nifty staged a strong recovery on Friday, taking a breather after the sharp sell-off in the previous session.
* Following a positive opening, the benchmark indices extended their gains through the session, with the Nifty reclaiming the 22,500 mark and the Sensex trading around 72,470.
* Technically, the 22,700–22,800 zone is likely to act as the immediate hurdle for the Nifty, followed by the 23,000 mark.
* On the downside, the 22,200–22,300 zone remains an important support area, and a decisive break below it could trigger renewed selling pressure.
* Participants should remain selective, maintain disciplined position sizing and favour a hedged approach amid elevated macroeconomic and earnings-related uncertainty.
BANKNIFTY
* The banking index ended Friday on a firm note, securing a positive weekly close after six consecutive weeks of decline.
* Following a gap-up opening, the index sustained its upward momentum throughout the session and approached the 20-DEMA on the daily chart.
* Broad-based strength prevailed across constituents, while IndusInd Bank witnessed mild profit booking.
* Immediate resistance is placed near 56,000, with crucial support emerging around the 53,800 mark.
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