Nifty started the week on a weak note and lost nearly a percent, completely engulfing Friday`s gains - Religare Broking Ltd
Nifty
* Nifty started the week on a weak note and lost nearly a percent, completely engulfing Friday’s gains.
* A marginal recovery in the final minutes helped trim some losses, and the index eventually closed at 25,960.55.
* On the upside, a sustained move above 26,200 would help ease pressure, but a broader conviction may still take time to build.
* In the current environment, we continue to recommend a cautious, stock-specific approach — focusing on defensives, quality names, and fundamentally strong rate-sensitive sectors — while avoiding aggressive exposure in the smallcap space until cues turn more supportive.
Bank Nifty
* The banking index retraced nearly all of Friday’s gains, closing lower amid broad-based profit-taking, though its overall structure remains constructive.
* A gap-down open set a bearish tone, with persistent intraday weakness across all components.
* PSU banks, particularly PNB and Canara Bank, registered the steepest declines.
* Technically, the index encounters immediate resistance near 59,800, while initial downside support is positioned around the 58,400 level.
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