Nifty stays under pressure, extends corrective phase -Religare Broking Ltd
NIFTY
* Nifty remained under pressure on Friday, extending the ongoing corrective phase amid weak cues.
* The Nifty opened on a subdued note but came under sustained selling pressure as the day progressed.
* As Nifty slipped below its crucial support of 23,900 i.e. 20 DEMA, we may see the bias changing to negative, with next cushion at 23,500 level.
* A rebound towards resistance is likely to face selling pressure unless supported by easing crude prices and improved global cues.
* Traders should adopt a selective trading approach, and focus on stock-specific opportunities while keeping a check on the position size
BANK NIFTY
* The banking index extended its bearish trajectory, closing negative for a third consecutive session, showed weekly close on a weaker note after two weekly gains earlier.
* The index opened on a flat bias; however, selling pressure intensified in early session
* Momentum remained mixed, as AU Bank and SBI showed relative strength, while Union Bank and ICICI Bank underperformed.
* Immediate resistance is observed near 57,100, with key support around 55,000.
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