IGI Logo

NIFTY

* Nifty began the first day of the new derivatives series on a weak note, primarily weighed down by escalating geopolitical tensions between India and Pakistan.

* Across sectors, most traded in the red, with realty, pharma, and energy emerging as the top losers.

* On the benchmark front, sustaining above the 23,800 level is crucial for Nifty to retain its positive bias; failure to do so could lead to further profit-taking.

* Given the prevailing environment, we maintain a cautious stance and recommend a hedged approach for existing positions.

BANK NIFTY

* The banking index began the May series on a weak note, registering a loss of around one percent.

* Most banking majors declined wherein Axisbank suffered the most after its earning announcement, while Icicibank and Indusindbk ended on flat note.

* Now, a close above the recent high around 26100 would lead to the resumption of the upward rally.

* On the downside, support for the index is placed in the 54100-53800 zone. The intermediate resistance lies at 55400-55600.

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330