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Nifty

* Nifty started the week on a muted note and ended marginally higher.

* Mixed trend on the sectoral front kept the traders busy. Pharma and auto posted decent gains while banking and energy remained subdued.

* Normal pause after the recent dip. Need sustainability above 18600 for a meaningful rebound.

* Meanwhile, Prefer defensive viz. pharma and FMCG and choose selectively from others.

Banknifty

* Banking also hovered in a narrow band and finally settled on a flat note.

* Attempted to cross the hurdle of 20 EMA for second day in a row but failed.

* Mixed trend was witnessed within the sector. ICICI Bank and SBIN ended higher while HDFC Bank and Kotak Bank settled in the red.

* Reiterate our view to limit positions and wait for clarity over the directional move.

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