Nifty rebounded strongly Tuesday after Monday’s sharp fall, aided by easing geopolitical concerns - Religare Broking Ltd
NIFTY
* Nifty witnessed a strong rebound on Tuesday, recovering sharply after Monday’s steep decline, supported by easing geopolitical concerns.
* In case of a further rebound, Nifty may find immediate resistance around 23,200 and major around 23400-23,600 zone, while the 22,500–22,200 band is likely to act as a strong support area if the correction resumes.
* Given the still-elevated volatility and event-driven global backdrop, participants are advised to continue with hedged approach and maintain positions on both sides until we see further clarity over the next directional move.
BANKNIFTY
* The banking index paused on Tuesday following three consecutive sessions of sharp declines, remaining significantly below its 20-day DEMA.
* It opened with a notable gap-up and sustained upward momentum throughout the session, indicating a relief rally.
* Broad-based buying witnessed across constituents, with gains driven by Federal Bank and AU Small Finance Bank.
* Immediate resistance is observed near 54,400, while strong support is established around the 51,300 level.
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