Nifty Falls Over 0.5% on Weak Global Cues - Religare Broking Ltd
NIFTY
* Nifty plunged sharply on Wednesday and lost over half a percent amid weak global cues and rising geopolitical tensions.
* From a technical perspective, the sharp decline has pushed the Nifty closer to our initial downside target and support around the 23,800 level, and a decisive break below this could extend the correction towards the 23,600 mark.
* On the upside, the previous support level of 24,000 is likely to act as an immediate resistance, followed by the 24,150 hurdle in case of a recovery.
* Given the heightened volatility and global uncertainty, we reiterate our advice to maintain a cautious stance, keep position sizes light and focus on disciplined risk management.
BANK NIFTY
* The banking index extended profit booking for the second consecutive session, sustaining below the 50-EMA while finding support near the 100-DEMA.
* A gap-down opening was followed by range-bound consolidation, reflecting subdued directional momentum.
* Sectoral breadth remained mixed, with PNB and Bank of Baroda outperforming, while IndusInd Bank and HDFC Bank underperformed.
* Immediate resistance is positioned near 58,000, whereas 56,000 remains the crucial support zone.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
