Nifty Rebounds Sharply After Previous Session's Decline - Religare Broking Ltd
NIFTY
* Nifty staged a strong rebound on Thursday, with the benchmark indices advancing sharply following the previous session’s decline.
* From a technical perspective, the Nifty has reclaimed its short-term moving average, with the 20-day exponential moving average (20-DEMA) placed around 22,865, and moved above the 23,000 mark.
* Sustaining above this zone could pave the way for a further upmove towards 23,200-23,500
* On the downside, the 22,500–22,700 zone is likely to provide immediate support in the event of a pullback.
* Given lingering macroeconomic uncertainties and weak broader-market participation, participants should avoid aggressive positioning and continue to prioritise selective stock-specific opportunities and disciplined risk management.
BANK NIFTY
* The banking index regained momentum, reclaiming the 20 DEMA and closing positively, but encountered stiff resistance near the 50 DEMA.
* Despite sustaining intraday strength, the index surrendered 61.8% of its early session gains.
* Sectoral participation remained mixed, with ICICI Bank and IndusInd Bank demonstrating relative resilience, while Yes Bank and Canara Bank underperformed.
* The index faces immediate resistance near 57,000, while crucial downside support remains positioned around 54,400.
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