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NIFTY

* Nifty traded volatile and closed almost unchanged, in continuation to the previous trading session.

* Mixed trend on the sectoral front kept the traders occupied wherein energy and FMCG ended in the green while realty and pharma closed lower.

* We are seeing consolidation in the index on the expected lines and it is likely to continue on Friday as well.

* Traders should concentrate on sectors or themes demonstrating resilience and consider stocks with favorable risk-to reward citing the overbought market scenario.

BANKNIFTY

* Banking index recouped its early losses and finally closed the day with modest gains.

* Barring ICICI Bank and HDFC Bank all other banking majors closed in the green. Whereas SBIN, Kotak bank and Axis Bank performed well.

* Banking index rebounded smartly finding support around its short term moving average i.e. 20 DEMA.

* Traders should focus on stock selection and select stocks which are showing higher relative strength.

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