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NIFTY

* Nifty extended rebound amid volatility and gained nearly half a percent.

* All key sectors contributed to the move wherein metal, IT and energy were among the top gainers.

* Indications are favorable for the further rebound as Nifty has surpassed a trend line resistance while holding above its short term average.

* We reiterate our view to focus on stock selection and preferring auto, IT and metal for long trades.

BANK NIFTY

* Banking index traded lackluster in a narrow range and finally settled marginally higher.

* Mixed trend was witnessed among the private banking majors. HDFC Bank and Indusind Bank were among the top contributors. Wherein Axis Bank, Kotak Bank and AU Bank capped the upside.

* The PSU pack edged higher and outperformed the private banking majors.

* Managed to close above its short term average. However, sustainability above 44800 is critical for further upmove.

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