Nifty traded under pressure and ended lower, extending their recent losing streak as global and domestic headwinds weighed on sentiment - Religare Broking Ltd
Nifty
* Nifty traded under pressure and ended lower, extending their recent losing streak as global and domestic headwinds weighed on sentiment.
* Technically, after four straight sessions of decline, the Nifty tested its first line of support at the 20 DEMA around 25040 level, weighed by continued underperformance in private banks and IT majors.
* Looking ahead, a temporary breather cannot be ruled out, with immediate support placed around 24,900–25,000.
* We advise maintaining selective exposure, focusing on stocks demonstrating resilience through time-wise correction, while keeping position sizes moderate until clear signs of trend resumption emerge.
BANK NIFTY
* The banking index extended its consolidation phase, opening with a downside gap and sustaining selling pressure across the session.
* Despite a prevailing negative bias, major moving averages continue to provide robust support at current levels.
* Market breadth remained mixed, with upside traction driven by Canara Bank and Bank of Baroda, while PNB and IndusInd Bank lagged.
* From a technical standpoint, the index faces immediate resistance near 55,650, whereas strong support is established around 54,900.
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