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NIFTY

* Nifty witnessed a rebound after two days of slide and gained over half a percent.

* Most sectors contributed to the move. Realty, metal and energy were among the top performers.

* Rebound in the US market has triggered bounce but upside capped. Multiple hurdles between 19,200-19,400 zone.

* Reiterate our view to follow stock-specific approach and focus more on overnight risk management.

BANKNIFTY

* Banking index also witnessed respite and rose over half a percent.

* Recovery in private banking majors viz. ICICI Bank, Axis Bank and HDFC Bank contributed maximum to the move.

* Retested the resistance zone of 200 EMA around 43250 again but couldn’t sustain.

* Suggest rebound to reduce longs. Strong hurdle around 43500-44000 zone.

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