Nifty witnessed a correction, ending with a loss of over half a percent - Religare Broking Ltd
Nifty
* Nifty witnessed a correction, ending with a loss of over half a percent.
* The Nifty index opened on a weak note and extended its decline as selling pressure intensified through the session, eventually closing at 25,877.85.
* Going ahead, indications point toward continued consolidation, with support seen in the 25,600–25,800 zone for the Nifty, while a decisive rebound above 26,100 could reignite momentum.
* Amid this phase, participants should focus on stock-specific opportunities in sectors and themes demonstrating relative strength and use the ongoing correction to accumulate quality names on dips.
BANK NIFTY
* The banking index experienced mild profit booking after three consecutive sessions of gains.
* Despite this pause, the broader trend remains positive, with the index sustaining levels above key moving averages, reinforcing its bullish structure.
* Except for Canara Bank, most banking constituents ended lower, with Bank of Baroda, IndusInd Bank, and HDFC Bank witnessing notable declines.
* Technically, the index faces immediate resistance near 59,000, while strong support is observed around 57,450, a critical level for short-term market participants.
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