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NIFTY

* Nifty witnessed a sharp sell-off on Monday, continuing the prevailing downtrend amid weak global cues and escalating geopolitical tensions.

* The Nifty opened with a significant gap down following negative global signals and remained under sustained selling pressure throughout the session.

* The next major support to watch lies in the 21,900–22,000 zone, which coincides with the 200 WEMA, followed by 21,700, i.e. April 2025 low.

* Given the prevailing uncertainty, elevated volatility and continued global headwinds, participants are advised to prefer options spreads over naked positions in the index, while maintaining a selective, stock-specific trading approach.

BANKNIFTY

* The banking index extended its downward trajectory, registering its third consecutive session of sustained selling pressure.

* It opened with a significant gap-down and remained weak throughout the session, trading well below key short-term moving averages.

* Broad-based selling was observed across constituents, with the decline primarily led by PNB and Union Bank.

* Technically, immediate resistance is positioned near 53,500, while strong support is identified around the 50,500 level.

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