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Nifty

Nifty extended losses for yet another session and settled with a cut of nearly half a percent.

Most sectors traded under pressure however selective buying in auto, and realty pack combined with rebound on broader front kept the traders busy

We expect Nifty to respect 17100-17200 zone thus possibility of consolidation is high.

Focus on stock-specific opportunities based on sectoral trend and limit leveraged positions.

Bank Nifty

Banking index traded volatile and ended marginally lower amid mixed cues

Most of the banking majors showed resilience and ended flat to marginally green

Expect further recovery but the upside seems capped citing strong resistance around 40650-41000 zone

Be stock-specific. Reiterate our preference for private banking majors.

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