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NIFTY

* Nifty witnessed a sharp reversal on Wednesday, surrendering early gains amid profit booking and persistent macroeconomic concerns.

* The benchmark indices opened on a positive note, supported by strong buying in IT stocks and Reliance Industries, but selling pressure intensified as the session progressed.

* The 22,200–22,400 zone is the next key support area, while the 23,000–23,300 zone is likely to cap the upside during any recovery.

* Given elevated crude prices, weak broader-market participation and persistent geopolitical uncertainties, participants should maintain a cautious stance, focus on selective stock-specific opportunities and consider a balanced approach with appropriate positioning on both sides of the market.

BANK NIFTY

* The banking index extended its corrective phase for the second consecutive session, closing below the 20 DEMA and rising channel, indicating deteriorating near-term momentum.

* Despite a firm opening, sustained selling pressure and weakness dominated throughout the session.

* Sectoral participation remained mixed, with Union Bank and ICICI Bank demonstrating relative resilience, while YES Bank and AU Small Finance Bank underperformed.

* Immediate resistance is placed near 55,900, while 53,800 remains a crucial support zone.

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