Nifty Slides Over 1% Amid Global Market Weakness - Religare Broking Ltd
Nifty
* Nifty witnessed profit booking on Tuesday, declining over a percent amid weak global trend.
* Technically, the lack of follow-through buying in the Nifty near the 100-day EMA hurdle placed at 24,150 reaffirms the cautious undertone and expiry-related positioning.
* The index is now approaching a crucial support zone in the 23,750-23,650 range, which coincides with the 20-day EMA and a recent gap area.
* Given the mixed setup, we advocate a stock-specific approach, favouring relative outperformers while maintaining disciplined risk management.
Bank Nifty
* The Banking Index recorded its steepest single-session profit booking of the month on Tuesday, declining 1.3% while sustaining above its short-to-medium-term EMAs.
* The index opened on a weak note and remained under sustained selling pressure, closing near the session low.
* All constituents ended lower with downside pressure, led by Canara Bank and Bank of Baroda.
* Immediate resistance is positioned at 58,000, with critical support at 56,200.
.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
