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Nifty

* Nifty remained volatile and traded range bound to finally end the session marginally lower.

* Mixed trend continued on the sectoral front wherein Media, IT and Metal edged higher and were among the top performers while FMCG, PSU Banking and Auto witnessed some profit taking.

* Indications are in favor of further consolidation in the Nifty index and traders should utilize any dip around the 23,300-23,100 zone for fresh positional longs.

* Maintaining stock-specific trading approach is yielding better results so participants should align their positions accordingly

BANKNIFTY

* Banking index took a breather after recent surge and closed marginally lower.

* Kotak Bank and ICICI Bank closed on the positive note. While SBIN, HDFC Bank and Bank baroda remained under pressure.

* It has registered a breakout from the channel pattern and thus we expect bullish tone to persist and index to gradually inch higher towards 52500 zones.

* Maintain stock specific approach and we suggest to prefer private bankings majors over PSU banks.

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