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Nifty

* Nifty started the week on a subdued note and lost over a half percent.

* Pressure in the IT majors, especially Infosys, was weighing on the sentiment. However, resilience in banking and FMCG majors combined with rebound in energy capped damage.

* Expect consolidation in the index. Focus more on sector/stock selection.

* Volatility to remain high due to earnings. Limit leveraged positions.

Banknifty

* Banking index managed to end marginally higher amid volatility.

* Buying was witnessed across sector however profit taking in HDFC Bank trimmed gains.

* Expect the positive tone to continue amid consolidation. Maintain “buy on dips”

* Eyeing rebound in the select PSU counters as well. Plan accordingly

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