Nifty Volatile but Stable After Four-Day Selloff - Religare Broking Ltd
NIFTY
* Nifty witnessed a volatile yet relatively stable session on Wednesday following the sharp sell-off seen over the previous four trading sessions.
* Technically, the Nifty rebounded after hitting an intraday low of 23,262 and has nearly filled the gap around the 23,150 level.
* Overall, the index is likely to face selling pressure on rebounds towards the 23,600–23,700 zone, and participants should align their positions accordingly.
* On the sectoral front, traders may continue to find opportunities on both sides of the market, though we maintain our preference for pharma, healthcare, metals, and energy counters for long trades.
BANK NIFTY
* The banking index closed negative for the fourth consecutive session but moderated its profit-booking after witnessing sharp declines for three consecutive sessions earlier.
* The index opened with sustained negative bias, despite intraday recovery attempt, failed to regain strength and settled lower.
* Momentum remained mixed, with Bank of Baroda and Kotak Mahindra Bank gained strength, while Federal Bank and AU Small Finance Bank declines.
* Resistance is placed near 54,600, whereas crucial support at around 52,000.
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