Nifty Under Pressure Amid Geopolitical Tensions - Religare Broking Ltd
NIFTY
* Nifty traded under pressure on Tuesday, extending their cautious tone amid renewed geopolitical concerns and rising crude oil prices.
* Technically, the Nifty is approaching its crucial long-term moving-average support, with the 200 DEMA currently placed around 24,350.
* On the upside, 24,600 is likely to act as the immediate hurdle, followed by the 24,800–25,000 zone.
* Given the combination of elevated crude prices, geopolitical uncertainty, and renewed pressure on financial heavyweights, we recommend maintaining a cautious, stock-specific approach, with a greater emphasis on relative strength, disciplined position sizing, and prudent risk management.
BANK NIFTY
* The banking index extended its corrective phase, declining for the third consecutive session and closing below the 20-DEMA, while finding support near the 50-DEMA.
* After a sharp gap-down opening, the index recovered 61.8% of the intraday decline but failed to sustain above those levels.
* Sectoral breadth remained mixed, with Canara Bank and Union Bank outperforming, while IndusInd Bank and Axis Bank lagged.
* Immediate resistance is at 58,300, with 56,800 as crucial support.
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