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NIFTY

* Nifty staged a rebound on Wednesday, marking a strong start to the new financial year.

* The Nifty 50 opened gap-up above the 22,600 mark, tracking positive global cues; however, selling pressure in the latter half of the session trimmed gains, with the index eventually settling at 22,679.40, up 1.56%.

* Immediate resistance is placed in the 23,000–23,200 zone, with a key hurdle at 23,500, while support is seen in the 22,300–22,000 range.

* From a trading standpoint, maintaining balanced exposure on both sides and preferring spread strategies over naked positions is advisable as a prudent risk management approach until the market stabilizes.

BANKNIFTY

* The banking index rebounded on Wednesday following two consecutive sessions of decline, opening with a gap-up and sustaining upward momentum throughout the session.

* Despite this recovery, the index continues to trade significantly below its short-term exponential moving averages, indicating underlying weakness.

* Broad-based buying interest was observed across constituents, with gains primarily driven by Union Bank and IndusInd Bank.

* Key resistance is placed near 53,000, while strong support is identified around 50,000.

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