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NIFTY

* Nifty witnessed a corrective session on Thursday, extending the weakness seen in the previous session amid adverse global cues.

* The Nifty opened gap-down and remained range-bound for most of the session, eventually settling near the day’s low around the 24,173.05 level, declining ~0.8%.

* The short-term moving average, i.e., the 20 DEMA, is placed around 23,900, making it crucial for the index to hold this zone to maintain a positive bias.

* In the interim, select sectors and themes continue to exhibit strength; hence, participants should remain focused on stock selection and manage trades accordingly

BANKNIFTY

* The banking index reversed its early-week gains, weakening and closing with profit-booking for a second consecutive session.

* It opened with a significant downside gap and sustained selling pressure throughout, finding near-term support at the 50 - DEMA.

* With the exception of AU Bank and Yes Bank, all constituents declined, led by Union Bank and Canara Bank.

* Immediate resistance is near 57,100, while key support is placed around 55,550.

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