Nifty saw high volatility, ended flat after sharp recovery - Religare Broking Ltd
NIFTY
* Nifty witnessed extreme volatility on Thursday, eventually ending on a flat-to-marginally positive note after a sharp intraday recovery.
* However, strong buying interest in the latter half of the session led to a sharp rebound, helping the index recoup most of its losses and close around the 22,713 level.
* Immediate resistance is placed in the 23,000–23,200 zone, with a key hurdle around 23,500, while support is seen at 22,300–22,000 levels.
* Traders should remain cautious and adopt a hedged approach until clearer signs of stability emerge.
BANKNIFTY
* The banking index demonstrated a notable recovery in the final trading session of the week, rebounding sharply from intraday lows.
* Despite opening with a significant downside gap, the index gradually erased losses, shifting momentum into positive territory and closing higher.
* Most constituents ended in the red, except HDFC Bank and Axis Bank, with declines led by Federal Bank and Bank of Baroda.
* Immediate resistance is observed near 53,000, while strong support lies around 50,500.
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