Nifty Recovers After Sharp Sell-Off - Religare Broking Ltd
NIFTY
* Nifty witnessed a volatile session on Friday and ended with modest gains, recovering partially from the sharp sell-off seen in the previous session.
* From a technical perspective, the Nifty managed to hold above the 23,000 psychological support and recovered from the session’s lower levels; however, the broader structure remains weak following Thursday’s decisive breakdown.
* The 23,300–23,350 zone is likely to act as the immediate hurdle, followed by the broader resistance around 23,600, while 23,000 remains the key near-term support.
*With the trend still weak and global macro risks elevated, volatility is likely to remain high, and stock-specific opportunities may continue to emerge selectively.
BANKNIFTY
* The banking index staged a modest recovery after the previous session’s sharp decline, but continues to trade below its short-term EMAs, maintaining a cautious structure.
* The index opened firmly and sustained a positive bias throughout the session.
* Sectoral momentum remained mixed, with Axis Bank and AU Bank demonstrating strength, while Federal Bank and ICICI Bank witnessed profit booking.
* Immediate resistance remains near 56,200, while crucial support is placed around 54,400.
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