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Nifty

* Nifty resumed recovery after two days of subdued move and gained nearly a percent.

* Buying in select index majors like Reliance, Infosys and TCS played a crucial role in the rebound.

* In order to extend recovery, Nifty needs a decisive close above 17,900 levels.

* Reiterate preference for IT, FMCG and select banking and auto pack. Stay stock-specific.

Banknifty

* Banking index extended consolidation and ended almost unchanged amid volatility.

* Mixed trend among the private banking majors capping upside while the PSU banking sitting on sidelines.

* Indications are in the favour of further consolidation in banking index so restrict positions.

* Prefer private banking names instead of PSUs for buying on dips.

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