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Nifty

* Nifty remained volatile in the broad range throughout the month and closed on a flat note. It continued its upward momentum but witness profit taking from the record high to close at 21725.70.

* Mixed trend was witnessed on the sectoral front. Wherein Pharma, energy and realty outshined the markets whereas Fin service, FMCG and Media witnessed profit taking.

* Technically, we believe 22150, to act as an intermediate hurdle, sustenance above the same, we shall witness meaningful traction towards 22500 levels. While on the other hand failure to surpass the hurdle we might see some breather towards 21500-21100 which would act key support for the index.

Bank Nifty

* Banking index underperformed the benchmark index and witnessed a divergent move causing index to close on a weak note. It finally settled lower losing 4.75% at 45996.80 levels.

* Surprisingly PSU bank continued to inch higher to record high levels and significantly outperforming the private banking majors, rallying nearly 10 percent. Whereas Private banking index closed lower by 5.15 percent.

* The current price action suggests, the consolidation with the negative bias in the banking index especially in the private banking names. Traders should maintain focus on PSU Pack and use dips as buying opportunity

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