Nifty remained volatile and ended lower amid weak global cues - Religare Broking Ltd
NIFTY
* Nifty remained volatile and ended lower amid weak global cues.
* After a subdued start, the Nifty witnessed a swift rebound in the first half; however, the recovery completely fizzled out as the session progressed.
* A decisive break below the 23,000 mark could trigger the next leg of the corrective phase, while the upside is likely to remain capped near the 23,500 level.
* Given the prevailing uncertainty and lack of strong directional cues, we continue to advocate a cautious approach with a focus on stock-specific opportunities
BANKNIFTY
* The Banking Index extended its short-term recovery trend after yesterday’s pause, continuing to hold firmly above its 50-day DEMA on a closing basis.
* Despite opening with a gap-down, strong buying interest emerged early and persisted throughout the session.
* Momentum remained mixed, with ICICI Bank and Kotak Mahindra Bank outperforming, while Yes Bank and Canara Bank exhibited relative weakness.
* Immediate resistance is positioned near 55,900, with key support around 54,200.
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