The Banking Index traded sideways initially but gained strength in the latter half, closing with a slight positive bias - Religare Broking Ltd
NIFTY
* Nifty remained volatile on Wednesday and ended lower amid mixed cues.
* After a flat start, the Nifty oscillated within a range and eventually settled near the lower end at 24,574.20.
* Any negative surprise on this front could exert further pressure, with the next support for the Nifty placed at 24,450.
* On the upside, the 24,700–24,800 zone may continue to act as an immediate hurdle.
* Participants should align their positions accordingly, with a emphasis on stock selection and risk management.
BANKNIFTY
* The Banking Index traded sideways initially but gained strength in the latter half, closing with a slight positive bias.
* While forming higher highs and higher lows intraday, it remains below the 21-day and 50-day EMAs.
* Most constituents ended in the green, except AU Small Finance Bank, IndusInd Bank, and IDFC First Bank, which showed weakness.
* Immediate support lies at 54,900–54,500, while resistance is expected near 56,000–56,200, aligned with key short-term moving averages.
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