Nifty Volatile Amid Geopolitical Concerns - Religare Broking Ltd
NIFTY
* Nifty traded in a volatile range on Wednesday, extending their cautious tone amid renewed geopolitical concerns and mixed domestic factors.
* Technically, the Nifty staged a smart recovery after briefly breaching the crucial 24,350 support level, which coincides with the moving-average ribbon.
* Failure to hold above this level could lead to renewed consolidation, with the 24,000–24,200 zone emerging as next major support.
* Given the prevailing uncertainty, we recommend maintaining a cautious, stock-specific approach, focusing on relatively stronger sectors and utilising market declines selectively while maintaining disciplined risk and position management.
BANK NIFTY
* The banking index regained strength after witnessing profit booking for three consecutive sessions, reclaiming its 20-DEMA.
* The index opened on a firm note and sustained positive momentum throughout the session, indicating renewed buying interest.
* Sectoral breadth remained mixed, with PNB and Union Bank outperforming, while Axis Bank and ICICI Bank remained relatively weak.
* Immediate resistance is placed at 58,700, while 57,000 remains the crucial support zone.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
.jpg)