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Nifty

* Nifty traded under pressure and lost over half a percent, extending the ongoing corrective phase.

* From a technical standpoint, the Nifty’s breakdown below the 20 DEMA shifts the immediate support to 24,750, which coincides with the 100 DEMA.

* That said, oversold conditions in select heavyweights may trigger a rebound, though the upside is likely to remain capped at 25,050–25,150.

* We advise traders to keep a check on positions and await greater clarity before taking aggressive bets.

BANK NIFTY

* The banking index extended its decline, opening with initial strength but reversing in the second half to close lower for a second straight session.

* For the first time in recent sessions, weakness emerged as the index slipped below the 20 and 50 EMAs, though it held firm above the 100 DEMA, providing critical support.

* Market breadth was mixed, with AUBank and PNB leading gains while Canara Bank and Bank of Baroda underperformed.

* Technically, resistance lies near 55,700, with strong support at 54,400.

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