Nifty Slips Further on Global and Macro Concerns - Religare Broking Ltd
NIFTY
* Nifty remained volatile on Wednesday and ended lower, extending the prevailing weak trend amid adverse global cues and persistent macroeconomic concerns.
* After a gap-down start, the Nifty drifted further lower during the first half and tested the crucial 23,150 zone-the gap area on the daily chart-before witnessing a sharp rebound as the session progressed.
* Technically, the Nifty has finally filled the gap on the daily chart around the 23,150 mark and witnessed a swift rebound thereafter.
* Given the prevailing uncertainty, we continue to maintain a cautious stance and recommend a stock-specific approach with strict risk management.
BANKNIFTY
* The Banking Index extended its recovery for a second consecutive session; however, it remained capped below the 20-DEMA.
* Following a gap-down opening, the index staged a strong intraday rebound and settled in positive territory.
* Most of the index constituents gained with Federal Bank and Union Bank leading gains, while IndusInd Bank and AU Small Finance Bank witnessed profit booking.
* Immediate resistance is placed near 55,500, while crucial support is positioned around 53,000.
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