Nifty remained under pressure and extended their losing streak for the sixth straight session - Religare Broking Ltd
Nifty
* Nifty remained under pressure and extended their losing streak for the sixth straight session.
* The decline was broad-based, with pharma and IT stocks leading the fall following U.S. tariff announcements on branded drugs.
* On the technical front, sustained weakness in heavyweights has accelerated the index’s decline over the past two sessions, with the Nifty now approaching its key support near the 200 DEMA around 24,400.
* Given this backdrop, we recommend adopting a cautious approach—focusing on fundamentally strong stocks while avoiding aggressive directional bets until clearer signals emerge.
BANK NIFTY
* The banking index extended weakness, trading consistently below the 50 and 100-day EMAs while nearing critical support at the 200-day EMA.
* It registered a third consecutive daily loss, resulting in the first weekly decline after three weeks of gains.
* Except for AU Bank, all constituents closed in red with IndusInd Bank and PNB leading declines.
* From a technical perspective, immediate resistance is observed near 55,100, while strong support is established around the 53,800 level.
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