Nifty rebounded strongly Wednesday, extending gains after consolidation on global cues - Religare Broking Ltd
NIFTY
* Nifty witnessed a strong rebound on Wednesday, extending gains after the recent consolidation phase, supported by favourable global cues.
* From a technical perspective, the Nifty has again reclaimed the 24,000 mark, indicating strengthening momentum in the ongoing recovery phase.
* We are now eyeing the index to inch towards 24,350 - 24,600 zone while the major hurdle would be around 24,800 i.e. 200 DEMA while the support has shifted higher to the 23,900 - 23,600 range.
* We thus reiterate our positive yet cautious stance with focus on stock selection and overnight risk management.
BANKNIFTY
* The banking index decisively broke out above its consolidation range, supported by a positive bias established over the preceding four sessions.
* It opened with a substantial upside gap and sustained its momentum throughout the session, currently trading between the 50 and 100 - DEMA.
* Broad-based strength was observed across constituents, except for Federal Bank, ICICI Bank, and Axis Bank.
* Immediate resistance is positioned near 57,800, while key support lies around 55,000.
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