Nifty traded under pressure and slipped below crucial support levels, derailing the recent recovery momentum - Religare Broking Ltd
Nifty
* Nifty traded under pressure and slipped below crucial support levels, derailing the recent recovery momentum.
* After an initial sharp fall, the Nifty traded in a narrow range for most of the session; however, renewed selling in the final hours pushed the index further lower.
* With the Nifty slipping below its immediate support at the 20-day exponential moving average (20-DEMA) and the banking index breaching the critical base around 54,900, further downside cannot be ruled out.
* We expect the index to fill the recent gap and retest its medium-term moving average around 24,600.
Bank Nifty
* The banking index experienced a sharp decline, breaching a three-month low and signaling pronounced weakness.
* It closed below the 100-EMA for the first time in four months, approaching the 200-DEMA near the 53,500 mark.
* All index constituents ended in negative territory, with PNB and Canara Bank leading the losses.
* Immediate resistance is observed around the 55,300 level, while key support levels are identified at 54,000 and 53,550, indicating potential downside continuation.
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