Nifty Slips as IT Heavyweights Drag Market Down - Religare Broking Ltd
NIFTY
* Nifty traded with a negative bias on Friday and remained under pressure for most of the session, with the Nifty slipping sharply as selling in heavyweight technology stocks intensified
* The sharp fall in the IT pack has significantly altered the market tone, and a break below the 25,400 mark could open the door for a move toward the 25,100 gap area.
* On the upside, the 25,700–26,000 zone is likely to act as a strong resistance band in case of any recovery.
* Participants should align their positions accordingly and keep position sizes under control in light of the renewed weakness.
BANKNIFTY
* The banking index broke its prolonged consolidation, triggering downside momentum and heightened selling pressure.
* The index opened weak and sustained broad-based declines throughout the session keeping overall sentiment cautious amid elevated volatility.
* Stock-specific performance was mixed: IndusInd Bank and SBI Bank exhibited relative strength, while Canara Bank and PNB underperformed.
* Immediate resistance is located near 60,700, whereas critical support is established around the 59,600 level.
UNIONBANK
* Union Bank’s technical structure remains bullish, with prices holding above key moving averages, confirming a well-defined primary uptrend.
* Consolidation near recent highs, accompanied by healthy volumes, indicates supply absorption rather than distribution.
* Overall price action suggests trend stability, with higher highs and higher lows intact, favoring continued upside potential in the near term.
* Selective long positions may be considered in the near term.
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