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NIFTY

* Nifty recouped its first half cut, and managed to close on a flattish note, losing 0.07%.

* On sectoral front, it was banking on the back foot, whereas it was metal, FMCG and pharma that curtail the losses.

* Nifty rebounded from the anticipated support zone of 19550-19500, which coincides with its short term average .i.e 20 EMA.

* Maintain focus on stock selection based on the sectoral trend and look for buying opportunities on dips.

BANK NIFTY

* Banking index underperformed the benchmark index for yet another session and closed nearly lower by half a percent.

* Barring ICICI Bank and Kotak Bank, most constituents ended in red, wherein HDFC Bank, Indusind bank and Axis Bank declined the most.

* Index witnessed some buying interest from the support zone of 45300, which coincides with its short term moving average i.e 20 EMA.

* Utilise this phase to gradually accumulate private banking majors and stay selective in PSU pack.

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