Nifty Starts Week Weak Amid Global Cues - Religare Broking Ltd
NIFTY
* Nifty started the week on a feeble note, extending their cautious tone amid renewed geopolitical concerns and weak global cues.
* Technically, the Nifty slipped below the trend line support and breached its previous swing low around 24,000 mark.
* While the index managed to defend this level on a closing basis, the overall trend remains weak and vulnerable to further downside toward the 23,800–23,600 zone if support is decisively breached.
* Given the uncertain global backdrop, participants are advised to maintain a cautious stance, keep position sizes light and focus on strict risk management while adopting a selective trading approach.
BANK NIFTY
* The banking index regained momentum after declining for two consecutive sessions, reclaiming and sustaining above its 20-DEMA, thereby reinforcing the near-term bullish structure.
* The index opened on a firm note and remained range-bound throughout the session.
* Sectoral breadth was mixed, with ICICI Bank and IDFC First Bank outperforming, while Bank of Baroda and Canara Bank underperformed.
* Immediate resistance is positioned near 58,600, while 57,100 remains the crucial support zone.
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