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NIFTY

* Nifty started the week on a firm note and gained nearly half a percent, in continuation to Friday’s rebound.

* Sectoral indices traded mixed. Pharma and IT extended positivity while metal and banking closed subdued.

* Resilience in the IT majors combined with noticeable buying in the pharma pack is largely fueling the recovery.

* Immediate hurdle at 19650 and a decisive break could add more legs to the rebound else profit taking would resume. Plan trades accordingly

BANK NIFTY

* Banking index underperformed the benchmark and ended marginally lower.

* Mixed trend was witnessed among the constituents. ICICI Bank, Indusind Bank and IDFC First Bank were top gainers while SBI, Axis Bank and AU Bank capped the upside.

* Failure to sustain above 45200 could led to further decline towards the crucial support zone of 44,450.

* Recommend keeping a check on aggressive longs and wait for clarity over the next directional move.

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