Nifty slips below 22,500 on monthly expiry amid weak cues - Religare Broking Ltd
NIFTY
* Nifty witnessed a sharp sell-off on the monthly expiry day, with the Nifty 50 opening gap-down and slipping below the 22,500 mark amid weak global cues.
* Sectorally, the decline was led by banking, financials, realty, and auto stocks, while select defensive and metal names showed relative resilience.
* With the onset of the new series, it will be crucial to watch whether the index holds its long-term moving average, i.e., the 200-week EMA, placed around the 21,900 mark.
* Any pullback is likely to face resistance in the 22,600–23,000 zone, and traders are advised to remain cautious and prioritize risk management until stability returns.
BANKNIFTY
* The banking index declined for a second consecutive session, sustaining below key short-term moving averages, characterized by a pattern of lower highs and lower lows.
* The index opened with a significant downside gap and exhibited persistent weakness, closing near intraday lows.
* Broad-based selling pressure was evident across constituents, led by Union Bank and Canara Bank.
* Immediate resistance is positioned around 52,000, while strong support is observed near 48,800.
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