Nifty Stages Late Recovery, Ends Three-Session Losing Streak - Religare Broking Ltd
NIFTY
* Nifty remained volatile and staged a late recovery on Thursday, snapping a three-session losing streak.
* Technically, the Nifty may witness some consolidation following the recent decline; however, the overall tone is likely to remain cautious given the pressure from elevated crude prices, geopolitical uncertainty and persistent FII outflows.
* The immediate support remains around 23,100–23,300, while 23,600–23,800 is likely to act as the key resistance zone.
* We maintain a cautious-to-negative stance, favouring a stock-specific approach with positions on both sides and strict risk management, while avoiding aggressive directional exposure.
BANKNIFTY
* The banking index remained range-bound but managed to close on a positive note.
* Banking constituents witnessed mixed action, with BANKBARODA, PNB and HDFCBANK gaining, while UNIONBANK and INDUSINDBK witnessed selling pressure.
* Technically, the index is attempting to defend its previous swing low around the 56,000 mark. However, a decisive close below this level could weaken the structure further.
* On the upside, the 56,700 level, coinciding with the 200-EMA, is expected to act as the first hurdle on recovery, followed by 57,000.
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