The index opened with a gap-down and attempted a failed recovery; ultimately closed negative - Religare Broking Ltd
NIFTY
* Nifty witnessed a sharp risk-off session on Monday, with benchmark indices ending in the red amid sustained selling pressure across sectors.
* Technically, the Nifty has once again approached the lower band of its consolidation range near the 23,800 zone.
* A decisive breakdown below this level could trigger the next leg of decline toward 23,500, followed by the major support zone around 23,150.
* Given the prevailing volatility, traders should avoid aggressive index positions and wait for clearer directional cues.
BANK NIFTY
* The banking index commenced the week under sustained selling pressure for the second consecutive session, continuing to trade significantly below the 20 DEMA.
* The index opened with a gap-down and attempted a failed recovery; ultimately closed negative.
* Except for Bank of Baroda and ICICI Bank, all major constituents ended lower, with declines primarily driven by State Bank of India and Canara Bank.
* Resistance is positioned near 55,800, while key support is placed around 53,500.
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