Nifty reversed course and lost nearly a percent, snapping 6-day of successive up move - Religare Broking Ltd
Nifty
* Nifty reversed course and lost nearly a percent, snapping 6-day of successive up move.
* Technically, we have again reached closer to the immediate and crucial support zone of the short term moving average i.e. 20 DEMA around 24,800 and its decisive break would derail the momentum and push the index towards 24600 zone again.
* On the upside, 25,100–25,250 will remain the resistance cluster.
* For the next session, focus on banking and IT for downside risk, autos and selective cyclicals for stock-specific opportunities, and monitor flows and global policy cues for directional clarity
Bank Nifty
* The banking index eroded early-week gains to close in negative territory, with all constituents ending lower, led by Kotak Bank and PNB.
* Despite the decline, index continues to find strong support near the 55,000 level, anchored by the 100-day Exponential Moving Average (DEMA).
* Immediate resistance is observed near 56,000, while support levels are established at 54,900 and 54,500.
* The index's structure suggests consolidation, with critical levels guiding near-term directional bias.
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