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NIFTY

* Nifty settled marginally lower in a dull trading session, in continuation to the prevailing consolidation phase

* Most sectors traded in sync with the move wherein pressure in the IT majors was weighing on sentiment

* Seeing a healthy consolidation in the index and expect the same to end soon

* Continue with stock-specific approach and prefer sectors like banking, financials, auto and FMCG

BANKNIFTY

* Banking index traded in sync with Nifty and ended in marginal red.

* Most stocks witnessed profit taking however buying in HDFC Bank and Axis Bank capped the downside.

* Reiterate our bullish view. Focus on Axis Bank, ICICI Bank IDFC First Bank and Federal Bank.

* Continue with the “buy on dips” approach.

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