Nifty remained under pressure for yet another session - Religare Broking Ltd
Top News
* Tata Steel signed an MoU with the Jharkhand government at WEF Davos for an investment of over ?11,000 crore, focusing on green steel technologies, a combi mill, and tinplate capacity expansion, aimed at boosting sustainable manufacturing, employment, and industrial growth in the state.
* RBL Bank is set to see a change in ownership after the CCI approved Emirates NBD Bank’s acquisition of a majority stake in the lender through a $3 billion deal, clearing a key regulatory hurdle and paving the way for a mandatory open offer and stronger capital support.
Technical
* Nifty remained under pressure for yet another session and ended lower amid weak cues.
* It struggled to hold crucial support levels in the initial hours and slipped close to the 24,900 mark.
* Although some bargain hunting in select heavyweight stocks across sectors led to a mid-session rebound, the recovery lacked follow-through, and the index eventually closed at 25,157.50, down by 0.30%.
* Technically, the Nifty has closed near its long-term moving average, the 200 DEMA around the 25,150 level, after briefly breaching it intraday.
* In the current environment, a cautious stance is advisable, with preference for hedged positions and balanced exposure on both sides.
NIFTY
* Nifty remained under pressure for yet another session and ended lower amid weak cues.
* Although some bargain hunting in select heavyweight stocks across sectors led to a mid-session rebound, the recovery lacked follow-through, and the index eventually closed at 25,157.50, down by 0.30%.
* Technically, the Nifty has closed near its long-term moving average, the 200 DEMA around the 25,150 level, after briefly breaching it intraday.
* In the current environment, a cautious stance is advisable, with preference for hedged positions and balanced exposure on both sides.
BANKNIFTY
* The banking index recorded a third consecutive negative session, driven by sustained profit booking.
* The index breached and closed below the 50-day DEMA, while holding above the 100-day DEMA, indicating a sideways momentum bias.
* Except for Federal Bank and IndusInd Bank, all constituents declined, with ICICI Bank and Canara Bank leading losses.
* Immediate resistance stands near 59,500, whereas crucial support is seen around 58,000.
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