Nifty Surges Over 1.5%, Extending Recovery Amid Ongoing Consolidation - Religare Broking Ltd
NIFTY
* Nifty staged a strong recovery on Tuesday, gaining over one and a half percent and extending the rebound amid the prevailing consolidation phase.
* From a technical perspective, the Nifty’s recovery above 22,700 offers near-term relief following the recent sharp correction.
* However, the 22,900 level, coinciding with the 20-day exponential moving average (20-DEMA), is likely to act as the immediate hurdle, followed by the 23,000–23,200 zone.
* Despite the sharp rebound, persistent macroeconomic uncertainties warrant a cautious approach, with a preference for selective stock-specific opportunities and disciplined risk management.
BANK NIFTY
* The banking index extended its relief rally, recovering from the previous session’s correction and closing above the 20 DEMA, signalling improving short-term momentum.
* The index opened firmly and sustained buying interest throughout the session, ended near day’s high.
* Sectoral participation remained mixed, with IndusInd Bank and Yes Bank showing relative resilience, while Kotak Bank and IDFC First Bank underperformed.
* Immediate resistance is placed near 56,500, while crucial support remains around 54,400
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