The Banking Index registered its first decline after three consecutive sessions of gains, though late-session short covering limited losses - Religare Broking Ltd
Nifty
* Nifty opened on a positive note but failed to sustain early gains, ending marginally lower as trade-related concerns overshadowed favorable domestic cues.
* Technically, the Nifty is approaching its first key support at the 20-DEMA, near 25,050, with resilience in banking majors keeping hopes of a recovery alive.
* However, a decisive break below this support could trigger a deeper correction toward 24,800.
* Amid the volatility, we continue to maintain a tactical “buy on dips” approach, focusing on stocks showing relative strength or limited decline for long trade opportunities.
BANK NIFTY
* The Banking Index registered its first decline after three consecutive sessions of gains, though late-session short covering limited losses.
* The prevailing structure of higher highs and higher lows remains intact, underscoring a sustained bullish bias, with the index holding above the 50, 100 and 200-day EMAs.
* Momentum was mixed, led by strength in AU Bank and Federal Bank, while Canara Bank and PNB underperformed.
* Technically, immediate resistance lies near 57,300, with firm support around 55,900.
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