Nifty Support at 23,650–23,800; Resistance at 24,150–24,400 - Religare Broking Ltd
NIFTY
* Nifty witnessed a rebound on Thursday after Wednesday's sharp sell-off, with benchmark indices recovering modestly amid supportive global cues.
* After a gap-up start, the Nifty traded within a narrow range for most of the session.
* The index is expected to find support in the 23,650–23,800 zone, while the 24,150–24,400 region is likely to act as the immediate resistance band.
* Given the prevailing market setup, we recommend maintaining a cautious stance on the index and focusing on relatively stronger sectors such as pharma, realty, and select banking names for long positions, while adhering to disciplined risk management.
BANK NIFTY
* Bank Nifty rebounded after two consecutive sessions of decline, gaining 0.9% and reclaiming its 20-day EMA, reinforcing short-term bullish sentiment.
* The index opened with an upside gap and traded within a narrow range, maintaining a positive bias throughout the session.
* Broad-based buying supported the advance, with all major constituents except Axis Bank closing higher, led by Canara Bank and PNB.
* Immediate resistance is placed at 58,100, while 56,400 remains key support.
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