Nifty reversed Monday`s gains and lost nearly half a percent, continuing the prevailing corrective trend - Religare Broking Ltd
NIFTY
* Nifty reversed Monday’s gains and lost nearly half a percent, continuing the prevailing corrective trend.
* After an initial downtick, the Nifty moved in a narrow range and finally settled at 24,649.55 level.
* Most sectors ended in the red, with pharma, FMCG, and realty among the top losers.
* Amid this corrective phase, select stocks across sectors are showing noticeable strength and offering buying opportunities.
* Participants should therefore maintain a stock-specific approach and focus on prudent position sizing.
BANKNIFTY
* The banking index declined, establishing lower lows after breaching its consolidation range and ascending trendline.
* Market movement was mixed; IndusInd Bank, SBI, and Kotak Mahindra Bank outperformed, while ICICI Bank, AU Small Finance Bank, and PNB lost momentum.
* If the index breaks below the current support at 55,100, further declines toward the 54,900–54,500 range are anticipated.
* On any recovery, resistance levels are projected at 55,700 and 56,300 (20-day EMA).
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