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NIFTY

* Nifty traded lackluster and ended slightly lower, continuing the ongoing consolidation phase.

* Energy, realty, and pharma showed decent gains, while banking and FMCG sectors declined.

* Nifty has remained firmly above the 20 DEMA during this consolidation, indicating that the bulls are maintaining their grip.

* We recommend maintaining a positive yet cautious stance until Nifty decisively breaks below 24,200.

BANKNIFTY

* Banking index remained under pressure amid volatility and lost nearly another one percent.

* All the key banking stocks settled in red wherein AXISBANK, SBIN and KOTAKBANK were among the top losers.

* The index witnessed sharp sell-off from its 20 EMA, on expected lines and claimed the intraday low around 50800 mark.

* Going ahead, the underperformance is likely to persist and 50700 will now act as immediate support.

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