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NIFTY

* Nifty traded volatile and ended marginally higher, in continuation to the prevailing recovery phase.

* The tone was mixed on the sectoral front wherein FMCG and pharma rebounded swiftly while realty and metal ended lower.

* Lacking decisiveness due to the prevailing underperformance of the banking pack, which holds considerable weight.

* We thus reiterate to stay focused on stock selection and avoid going overboard.

BANKNIFTY

* Banking index continued to trade in the narrow range for third consecutive session and underperformed the benchmark index.

* Barring HDFC Bank and AU Bank all banking majors ended in red. ICICI Bank, Axis Bank, SBI and Indusind Bank were among the top losers.

* Seeing consolidation within 43700- 44800. Either side break would trigger next directional move.

* Meanwhile, stay selective and focus on risk management.

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