Nifty Recovers, Gains Over 0.5% - Religare Broking Ltd
NIFTY
* Nifty witnessed a strong recovery on Monday, taking a breather from the recent corrective trend and gaining over half a percent.
* From a technical perspective, the Nifty has shown signs of a relief recovery after testing the crucial long-term support zone around 22,400–22,600.
* Going ahead, the 22,650–22,800 zone is likely to act as the immediate hurdle, followed by 23,000–23,200.
* The current rebound should be approached selectively, with a preference for stock-specific opportunities rather than aggressive index-level exposure.
BANKNIFTY
* The banking index commenced the week on a positive note, registering modest gains despite sustaining below its short-term EMAs.
* Following a gap-up opening, initial profit booking completely filled the opening gap before momentum revived.
* Sectoral participation remained mixed, with AU Bank and Federal Bank demonstrating relative strength, while HDFC Bank and Kotak Bank witnessed profit booking.
* Immediate resistance remains near 55,700, while support is positioned around 53,800.
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