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NIFTY

* NIFTY bounced back from oversold zones after firm recovery closed with gains of more than half a percent.

* Inside bar is formed, keeping a pause in selling pressure and immediate resistance at 21500 (100EMA).

* Almost all major sectors contributed to recovery; metals, realty, and pharma were among the most gainers.

* Traders stay cautious and maintain positions on both sides, whereas fresh buying can only trigger above 21500 levels.

BANKNIFTY

* Banknifty opened with an upside gap above 100 EMA, and follow-on was witnessed.

* Index faced resistance at rising wedge pattern channel, and mild profit taking was seen from the same.

* Even though index failed to regain its channel but managed to close above 100EMA. Which is a positive sign.

* Only above 52000 might see a positive follow-on, and 51000 will serve as significant support in the interim.

* Traders remain cautious and "wait and watch" for the trend to establish before making a firm decision on either side.

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