Volatile Trade Keeps Benchmark Indices Flat Amid Global Weakness - Religare Broking Ltd
NIFTY
* Markets witnessed a volatile session on Monday, with benchmark indices ending almost unchanged amid weak global cues and persistent macroeconomic concerns.
* The Nifty opened gap-down and remained under pressure during the first half of the session; however, a rebound in select heavyweight counters helped trim losses as the day progressed.
* Technically, the Nifty appears to be forming another consolidation range following the earlier breakdown, with the upside capped in the 23,800–24,000 zone and support placed around the 23,150–23,300 region.
* Traders may focus on sectors like pharma, healthcare, energy, and metals for long opportunities, while crude-sensitive and rate-sensitive sectors could remain under pressure in the near term.
BANK NIFTY
* The banking index extended its correction for the second straight session, trading below key short- to medium-term moving averages, indicating persistent weakness.
* After a gap-down opening, intraday recovery attempts failed to sustain, with the index closing in negative territory, reflecting continued bearish dominance.
* Momentum remained stock-specific, as Kotak Bank and Federal Bank outperformed, while SBI and Canara Bank lagged.
* Technically, resistance is placed near 54,600, whereas strong support is positioned around 52,200
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