The banking index opened under persistent bearish momentum but reversed in the second half, exhibiting a sharp V-shaped recovery - Religare Broking Ltd
NIFTY
* It turned out to be an eventful day for market participants, as the benchmark index witnessed sharp swings in both directions before finally ending flat on the weekly expiry day.
* A notable rebound in the latter half helped trim all the losses, and the index eventually settled at 24,596, up 0.09%.
* Going forward, a decisive move above the 24,800 level could pave the way for a further rebound towards the 25,000 mark.
* Amid the prevailing uncertainty, we continue to advise a cautious approach and prefer maintaining hedged positions.
BANKNIFTY
* The banking index opened under persistent bearish momentum but reversed in the second half, exhibiting a sharp V-shaped recovery.
* It faced immediate resistance at the 20- and 50-day Exponential Moving Averages (DEMA), while maintaining robust support near the 100-day DEMA.
* Most constituents closed positive, except ICICI Bank and Kotak Mahindra Bank, which underperformed.
* Key support is identified between 54,900 with resistance expected near 56,200, aligning with critical short-term moving averages.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ000174330
