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Nifty

* NIFTY managed to inch higher in a volatile session, closing with nearly one percent gain.

* Among the major sectors, banking and metal led the gains, while FMCG and IT traded subdued.

* However, upside potential appears limited, with a significant resistance zone around 24,400-24,500.

* Traders are advised to maintain a hedged approach and keep position sizes in check until we see some stability.

Bank Nifty

* Banknifty again bounced back from its 100 EMA and a strong pullback was seen, closed up by approx. 2%.

* Banknifty has formed a big bullish engulfing retaining its positive bias.

* Banknifty still placed in a range of 52500 and 50500.

* “Buy on dips” to resume again, where a fresh breakout can be seen if it surpasses 52500 as immediate resistance.

* Traders can trade with a bull-call spread strategy or can maintain a ‘‘buy on dips’’ stance above 51800.

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SEBI Registration number is INZ000174330