The banking index declined for the second consecutive week, exhibiting sustained bearish momentum - Religare Broking Ltd
NIFTY
* Nifty edged lower, failing to build on the previous session’s rebound, and ended with a loss of around one percent.
* The medium-term moving average—the 100-day EMA—near the 24,600 mark, which earlier acted as support, is now serving as an immediate resistance.
* A close below 24,450 signals the continuation of the corrective phase, with a potential retest of the long-term moving average—the 200-day EMA—near 24,200.
* Traders are advised to align their positions accordingly, with greater emphasis on risk management.
BANKNIFTY
* The banking index declined for the second consecutive week, exhibiting sustained bearish momentum.
* A bearish engulfing candlestick pattern on the daily chart signals further downside risk.
* All constituent stocks closed with negative bias, led predominantly by IndusInd Bank and Kotak Mahindra Bank.
* Critical support levels are identified between 54,300 and 53,900, while resistance is anticipated near 55,300 to 55,600.
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