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NIFTY

* Nifty began the June expiry on a muted note and ended marginally lower, continuing the ongoing consolidation phase.

* After a flat start, the Nifty traded within a narrow range and eventually settled at 24,750.70.

* We recommend maintaining a “buy on dips” approach, unless the Nifty decisively breaks below its first line of defense—the 20-day exponential moving average (DEMA), currently around the 24,600 level.

* A breach of this level could increase pressure and extend the current consolidation phase.

BANK NIFTY

* The banking index outperformed the benchmark indices, closing with a gain of nearly half a percent.

* The PSU bank stocks stood out, with Canbk, PNB, Bankbaroda among the top gainers.

* After a month-long consolidation, the index appears poised for a breakout, potentially leading to the next directional move.

* Given the index's resilience, an upside breakout seems more likely.

* However, traders are advised to remain cautious and wait for a clear directional move to unfold.

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