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Nifty

* Nifty traded under pressure and lost nearly half a percent, tracking feeble global cues

* Most of the sectoral indices traded in tandem with the benchmark wherein FMCG, metal and realty were among the top losers.

* Indications are pointing toward consolidation to continue. Stay stock-specific.

* On the downside, the 17800-17900 zone will continue to act as strong support.

Technical Chart : Intraday

BANKNIFTY

* Banking index outperformed the benchmark index and ended in the green.

* Continued buying in select heavyweights like HDFC Twins helped the index to hold strong amid profit taking across sectors.

* Need a decisive close above 42900 to see a sustained up move else consolidation will continue.

* We will see the reaction to private banking majors like ICICI Bank and Kotak bank results on Monday. Don’t jump into a trade.

Technical Chart : Intraday

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