The Nifty opened on a subdued note and remained under persistent selling pressure throughout the session - Religare Broking Ltd
NIFTY
* Nifty plunged sharply on Wednesday, losing over one and a half percent and resuming their corrective phase amid weak global cues and heightened geopolitical tensions.
* The Nifty opened on a subdued note and remained under persistent selling pressure throughout the session.
* On the upside, any recovery towards the 24,100–24,300 band is likely to face strong resistance.
* Given the uncertain global backdrop, participants are advised to maintain a cautious stance, keep position sizes light and focus on strict risk management while adopting a selective trading approach.
BANK NIFTY
* The banking index extended its downward trajectory, trading decisively below the 200-DEMA, indicating persistent short-term weakness.
* The index opened with a gap-down and continued to decline throughout the session, reflecting sustained selling pressure.
* Broad-based declines were observed across major banking constituents, with losses primarily led by Axis Bank and Kotak Bank.
* Technically, immediate resistance is placed near 56,800, while the next key support level is positioned around 54,600.
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