Nifty Slides Over 1.5% Amid Domestic, Global Pressure - Religare Broking Ltd
NIFTY
* Nifty came under sharp selling pressure on Thursday and declined over one and a half percent, weighed down by a combination of domestic and global factors.
* From a technical perspective, the decline pushed the Nifty below the June month low of 23,070, while the banking index also witnessed noticeable selling after displaying relative strength earlier.
* Going ahead, the current setup indicates the possibility of further decline towards the 22,400–22,600 zone, with the 23,300 level likely to act as the immediate hurdle and 23,600 remaining the major resistance.
* With the market already extending its recent corrective phase, volatility is likely to remain elevated, warranting a selective approach toward stock-specific opportunities and adding shorts aligned with the market trend.
BANKNIFTY
* The banking index witnessed sharp selling pressure, declining 1.96% and breaching its previous swing-low support.
* A significant gap-down opening was followed by sustained selling throughout the session, confirming persistent bearish momentum.
* All constituents closed in negative territory, with AU Bank and IDFC First Bank leading the decline.
* The index remains under pressure, with immediate resistance placed near 56,300, while crucial support is positioned around 54,400.
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