Nifty Extends Rally for Fourth Consecutive Session - Religare Broking Ltd
NIFTY
* Nifty extended its recovery on Tuesday, with benchmark indices registering gains for the fourth consecutive session.
* The ongoing recovery is encouraging, although the Nifty may encounter resistance in the 23,800–23,900 zone.
* On the downside, the 23,200–23,500 range is likely to act as immediate support in the event of a pullback.
* We reiterate our preference for stocks demonstrating relative strength, while maintaining prudent overnight risk management amid global event-related uncertainties.
BANK NIFTY
* The banking index extended its upward momentum for the second consecutive session, reclaiming the 50 DEMA intraday but failing to sustain a closing position above it.
* The index opened with a positive gap and maintained its strength throughout the session.
* Sectoral participation remained mixed, with HDFC Bank and ICICI Bank outperforming, while PNB and SBI exhibited relative weakness.
* Immediate resistance is placed near 56,300, with crucial support at 54,500.
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