Nifty Surges Over 1% on Positive Investor Sentiment - Religare Broking Ltd
NIFTY
* Nifty staged a strong rebound on Thursday, gaining over 1% amid favourable cues and improved investor sentiment.
* Technically, the Nifty’s move above the 20-DEMA zone around 22,825 offers near-term relief and improves the prospects of an advance towards the 23,100–23,300 zone.
* The 22,500–22,700 zone is likely to act as immediate support, while the broader 22,200–22,400 band remains an important downside reference.
* Investors may consider staggered accumulation in fundamentally strong companies at reasonable valuations, while closely monitoring crude oil prices, foreign fund flows and global bond yields.
BANK NIFTY
* The banking index extended gains for the second consecutive session, testing its 20-DEMA, which continues to act as immediate resistance.
* The index sustained its positive opening momentum and maintained buying interest throughout the session.
* Sectoral participation remained mixed, with Bank of Baroda and Kotak Mahindra Bank demonstrating relative strength, while YES Bank and IDFC First Bank underperformed.
* Immediate resistance is positioned near 56,000, with crucial support around 54,000.
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