Nifty stays under pressure, slides on weak global cues & tensions - Religare Broking Ltd
NIFTY
* Nifty remained under pressure on Thursday, extending their recent decline amid weak global cues and persistent geopolitical tensions.
* Going ahead, a decisive break below this band could trigger the next leg of decline towards the 23,000–23,200 zone.
* On the upside, any recovery towards the 24,000–24,300 region is likely to face stiff resistance.
* Amid the prevailing uncertainty and negative market trend, participants are advised to align their index positions with the broader market trend while keeping position sizes in check.
* Traders should therefore maintain a balanced approach and consider opportunities on both the long and short sides.
BANK NIFTY
* The banking index declined for the second consecutive session, remaining significantly below its medium- to long-term EMAs, indicating a sustained negative bias.
* Despite attempting a recovery following a gap-down opening, the index failed to regain momentum and closed in negative territory.
* Sectoral momentum remained mixed, with gains in Union Bank and Canara Bank, while weakness persisted in IndusInd Bank and Kotak Bank.
* Technically, immediate resistance is observed near 56,200, with key support positioned around 54,000.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
