Nifty Recovers After Recent Sell-Off - Religare Broking Ltd
NIFTY
* Nifty staged a recovery on Wednesday following the recent sharp sell-off, gaining nearly half a percent and providing some respite from the prevailing weakness.
* Technically, the Nifty’s recovery above the 23,200 level provides some near-term relief; however, the broader structure remains weak.
* The index is likely to face immediate resistance around 23,400–23,600, while 23,000–23,100 remains the crucial support zone.
* Amid the prevailing uncertainties, we maintain a cautious stance and recommend continuing with a hedged approach and selective exposure.
BANKNIFTY
* The banking index witnessed a pause following the sharp decline in the previous session, while continuing to trade below its short, medium and long-term EMAs.
* The index opened on a positive note but remained volatile and eventually closed within the preceding session’s range.
* Momentum remained mixed, with SBI and PNB gained strength, while IndusInd Bank and Federal Bank witnessed sustained selling pressure.
* Immediate resistance is positioned around 57,000, while crucial support remains at 55,300.
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