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Nifty

* Nifty remained volatile for yet another session and gained nearly half a percent.

* Recovery in banking, financials and IT played a crucial role in the rebound while auto, pharma and FMCG traded lackluster

* Technically, Nifty is trying hard to defend the lower band of the declining channel.

* Expect the rebound to continue. Focus should on stock-specific trading opportunities.

Banknifty

* Banking index also witnessed a rebound and settled with a gain of over one percent

* Buying traction in select private banking space viz. KotakBank, HDFC Bank and ICICI Bank pushed the index higher.

* Expect recovery to extend further. 39,800 -40,000 would act as a strong hurdle.

* Reiterate our preference for private banks over the PSU.

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