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NIFTY

* The Nifty index opened with a gap-up and tested the resistance near the moving averages ribbon around the 23,400 mark in early trade, followed by a phase of narrow-range consolidation and finally closed at 23,328.55 level.

* The rally was driven by optimism around the deferral of tariffs and the recent exemptions on select products, raising hopes for potential negotiations that could ease the overall impact on global trade.

* On the technical front, a decisive break above 23,400 in Nifty would further reinforce the recovery trend.

* In this backdrop, we recommend maintaining a stock-specific trading approach.

BANKNIFTY

* The banking index opened with a gap-up, capitalizing on Friday's momentum, and rose steadily throughout the day, gaining 2.70%.

* All the banking majors participated in the move wherein Indusindbk, Axisbank, Hdfcbank witnessed notable buying interest.

* The index continues to show relative outperformance, breaking past a broader consolidation range of 47700-52000, indicating a strong likelihood of the bullish momentum persisting.

* With the supports now shifting higher, the gap area around 51,800-51,200 is expected to provide a cushion. Traders can consider for buying opportunity in quality banking names.

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