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NIFTY

*  Nifty started the week with modest gains amid volatility, in continuation of the recent pause.

*  Mixed trend on the sectoral front kept the traders occupied wherein metal, auto and energy were among the top gainers while IT and FMCG witnessed profit taking.

*  The recent price action in Nifty shows indecisiveness among the participants.

*  We thus feel it is prudent to limit positions in the current scenario and wait for clarity over the next directional move.

BANKNIFTY

*  Banking index recoupled its early losses and finally settled on a flat note.

*  Mixed trend continued among the banking participants. Wherein Axis Bank and ICICI bank capped the damage. Whereas HDFC Bank and Indusind Bank remained subdued.

*  It witnessed a breakdown below the support zone 46300 but recovered strongly from the lows and closed above the same.

*  Thus we believe index to witness oversold bounce until index breaks 46300 zone decisively.

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