Nifty witnessed a strong rebound on Monday amid mixed cues, snapping the recent losing streak -Religare Broking Ltd
NIFTY
* Nifty witnessed a strong rebound on Monday amid mixed cues, snapping the recent losing streak.
* Going ahead, with the Nifty reclaiming its short-term moving average (20 DEMA) near the 23,950 level ahead of the monthly derivatives expiry, sustaining above this mark will be crucial.
* A continued hold could enable the index to regain strength and gradually move towards the 24,600–24,800 zone.
* We continue to advocate a stock-specific approach, focusing on sectors and themes showing strength—particularly energy, metals, capital market, and pharma—while closely tracking earnings developments and geopolitical cues for further direction.
BANK NIFTY
* The banking index halted its decline after three consecutive sessions of losses and consolidated within a range between 20 and 50 - DEMA.
* The index indicated initial weakness, subsequently offset by a full recovery, culminating in a positive close.
* Momentum was mixed, with IndusInd Bank and IDFC First Bank outperforming, while Axis Bank and AU Small Finance Bank underperformed.
* Immediate resistance is positioned near 57,100, with critical support established around 55,000 levels.
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