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NIFTY

* Nifty witnessed another volatile session on Tuesday but managed to end higher for the third successive session.

* The Nifty opened gap-down, tracking weak global cues and elevated crude oil prices, and extended losses in early trade, slipping towards the 22,700 zone.

* As the index inches towards its immediate hurdle - the 20 DEMA, currently placed around 23,400 - a breather cannot be ruled out before the next leg of the up move.

* Traders should maintain a cautious stance, focus on stock-specific opportunities, and continue to manage overnight risks prudently.

BANKNIFTY

* The banking index extended its gains for a fourth consecutive session, approaching its short-term 20-DEMA, though underlying momentum continues to indicate near-term weakness.

* The index opened with a significant downside gap but recovered steadily to close above the previous session’s close.

* The momentum was mIxed, where gains were driven by Federal Bank and ICICI Bank, while PNB and Union Bank underperformed.

* Immediate resistance is near 54,200, with strong support around 51,400.

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