Nifty Reverses Gains, Ends Lower Amid Volatility - Religare Broking Ltd
NIFTY
* Nifty reversed its early gains on Tuesday and ended lower amid heightened volatility, with weakness in IT stocks offsetting the positive impact of softer crude prices and easing bond yields.
* Technically, the Nifty’s inability to cross the 23,500 zone reaffirms the prevailing negative trend and keeps the near-term setup cautious.
* 23,300 remains the immediate support, followed by the crucial 23,000 level, while 23,500–23,650 is likely to act as the key resistance zone.
* For now, a selective and hedged approach remains preferable until the index establishes a sustained move beyond these key levels.
BANKNIFTY
* The banking index witnessed profit booking after two consecutive sessions of gains, with short-term moving averages acting as stiff resistance.
* Following a firm opening, sustained selling pressure dragged the index lower, resulting in a negative close and bearish candle formation.
* Sectoral performance remained mixed, YES Bank and HDFC Bank showed relative strength, while Federal Bank and SBI faced selling pressure.
* Immediate resistance stands at 57,000, with support near 55,400.
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