Nifty started the week on a weak note - Religare Broking Ltd
Nifty
* Nifty started the week on a weak note and declined nearly half a percent, pressured by negative cues.
* From a technical perspective, the Nifty’s break below the key support zone near 25,600 signals a continuation of the near-term corrective trend, with the next support placed around the 25,300–25,400 range.
* In the event of a rebound, the 25,600 level followed by the 25,800 zone is likely to act as strong resistance.
* Participants are therefore advised to align their positions accordingly, focusing on sectoral leadership and maintaining disciplined risk management.
Bank Nifty
* Following a two-day rally, the Banking Index experienced mild profit-taking on Monday, though the broader trend remains constructive.
* The index opened sharply lower, recovered most intraday losses after the first hour, yet settled marginally negative.
* Sectoral action was mixed, with Federal Bank and Kotak Bank outperforming, while Yes Bank and PNB underperformed.
* Technically, resistance is near 60,500, with key support around 59,300.
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