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Nifty

* Nifty witnessed a strong rebound on Wednesday, gaining nearly a percent and recovering most of the previous session’s losses.

* Sectorally, trend remained mixed, banking and financial stocks outperforming, followed by the IT and realty pack, while energy, metal and auto stocks remained under pressure.

* However, the Nifty needs to decisively surpass the 24,150-24,200 zone before resuming its gradual move towards the 24,500-24,600 range.

* Therefore, we continue to advocate a stock-specific approach, favouring relative outperformers and selective buying in rate-sensitive sectors such as banking, financials, realty, along with pharma

Bank Nifty

* The Banking Index resumed its upward trajectory following a brief consolidation session, confirming a fresh bullish breakout.

* The index opened with a significant gap-up and sustained positive momentum throughout the session, consistently trading above key short- to medium-term EMAs.

* Except for Canara Bank and Union Bank, all constituents closed higher, led by AU Small Finance Bank and ICICI Bank.

* Immediate resistance is placed at 59,000, while 57,400 remains the critical support level.

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