Nifty remained volatile on Thursday and declined over half a percent amid adverse global cues - Religare Broking Ltd
NIFTY
* Nifty remained volatile on Thursday and declined over half a percent amid adverse global cues.
* The Nifty opened gap-down and came under pressure in the early hours; however, a rebound in select heavyweights across sectors helped trim losses as the session progressed.
* A decisive move below 23,800 in the Nifty could trigger further downside towards the 23,500 level or lower.
* On the upside, the 24,400–24,800 zone is likely to act as a strong resistance.
* Traders are advised to maintain a cautious stance, focus on risk management, and prefer sector-specific opportunities.
BANK NIFTY
* The banking index has extended its decline following a decisive breach of the 20 DEMA, now trading below key short- to medium-term moving averages, reflecting sustained weakness.
* A gap-down opening saw limited recovery attempts, ultimately closing with bearish price action.
* Momentum remains divergent, with strength in Federal Bank and IndusInd Bank, while Canara Bank and Axis Bank show deterioration.
* Immediate resistance is near 56,300, with crucial support at 53,500.
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