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NIFTY

* Nifty reversed the recent gains on Wednesday and ended lower amid volatility, weighed down by a combination of domestic and global factors.

* Technically, the Nifty’s inability to cross the 22,800 zone reaffirms the prevailing cautious undertone in the near-term setup.

* The 22,500 remains the immediate support, followed by the 22,400-22,200 level, while 22,800–23,000 is likely to act as the key resistance zone.

* For now, a selective and hedged approach remains suitable, with a preference for stock-specific opportunities rather than aggressive index-level exposure.

BANKNIFTY

* The banking index witnessed profit booking amid heightened volatility after gaining in the preceding two sessions.

* Following a weak opening, the index initially recovered and traded higher during the first half before surrendering to selling pressure later.

* Sectoral participation remained mixed, with Union Bank and PNB demonstrating relative strength, while IndusInd Bank and AU Bank faced profit booking.

* Immediate resistance is positioned near 55,700, while support remains around 54,000.

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