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NIFTY

* Nifty started the September series with a strong rebound and gained nearly a percent.

* Most sectors contributed to the move wherein metal and energy gained maximum.

* Seeing a tussle around the short term moving averages. Need a decisive close above 19,500 for further recovery.

* Align positions accordingly and prefer stocks that are attracting consistent buying.

Banknifty

* Banking index opened on a flat note and remained strong throughout the session, settled with gain over a percent.

* Most constituents ended in green. Wherein Indusind Bank, Axis bank, SBI and Kotak bank were among the top contributors.

* Banking index respected 100 DEMA and closed around its short term averages. Sustainability above 44700 is critical for further upmove.

* Avoid aggressive longs and wait for clarity over the next directional move

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