Nifty 50 and Bank Nifty Face Key Support and Resistance Amid Market Consolidation
The Nifty 50 index recently declined below its 50-day moving average, with immediate support at 23,800, while Bank Nifty faces resistance near 55,800 and support around 54,800. Bank Nifty has underperformed Nifty 50 over the past month but shows marginally better year-to-date performance. Analysts highlight selective opportunities in banking stocks, especially PSU banks, amid margin pressures and evolving economic factors. Futures trading shows a premium on Nifty June contracts, with HDFC Bank, ICICI Bank, and SBI as top traded stocks.