Nifty Rebounds Strongly, Ends Losing Streak on Positive Global Cues - Religare Broking Ltd
NIFTY
* Nifty witnessed a strong rebound on Friday, snapping its recent losing streak amid supportive global cues and easing geopolitical concerns.
* Technically, the Nifty has staged a decisive rebound after defending the crucial 23,000 support zone and reclaiming the key resistance area around 23,500, which coincides with the 20-DEMA.
* Sustaining above this zone could pave the way for a move towards the 23,800–24,200 band in the near term.
* While the recovery has improved the near-term outlook, we continue to advocate a stock-specific approach with disciplined risk management, favouring banking, financials, and pharma for long positions and selectively identify opportunities across other sectors.
BANK NIFTY
* The Banking Index extended its bullish momentum for a second consecutive session, securing its fourth successive weekly gain.
* The index opened with a gap-up and sustained buying interest throughout the session, closing above 100 & 200 DEMAs, indicating strengthening market sentiment.
* All constituent stocks ended in positive territory, with gains primarily driven by AU Small Finance Bank and IDFC First Bank.
* Immediate resistance is placed near 57,800, while key support is located around 55,600.
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