Nifty traded volatile on Monday and declined over 1% amid weak market cues - Religare Broking Ltd
NIFTY
* Nifty traded volatile on Monday and declined over 1% amid weak market cues.
* From a technical perspective, the Nifty has slipped towards the immediate support zone of short term moving average i.e. 20 DEMA around 22,900, with the next key support placed in the 22,550–22,750 range.
* On the upside, any recovery is likely to encounter resistance around 23,200–23,300.
* Given elevated crude prices, mixed earnings cues and persistent geopolitical uncertainties, we recommend maintaining a cautious stance, with an emphasis on selective stock picking and prudent position sizing.
BANK NIFTY
* The banking index witnessed profit booking on Monday after two consecutive sessions of gains, reflecting renewed selling pressure.
* The index opened on a negative note and extended losses throughout the session.
* Sectoral performance remained mixed, with Union Bank and PNB demonstrating relative resilience, while Axis Bank and Yes Bank underperformed.
* Immediate resistance is positioned near 56,200, while 54,400 remains a crucial downside support zone for the index.
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