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Nifty

* Nifty edged higher and gained over half a percent, supported by optimism surrounding the GST Council meeting.

* After a flat start, the Nifty oscillated in a range during the first half; however, buying in select heavyweights during the latter part of the session pushed the index higher.

* Sectoral performance was broadly positive, with metals, pharma, and banking leading the gains, while IT remained the sole laggard.

* Traders are advised to keep positions light and align strategies with the evolving sectoral trends.

Bank Nifty

* The Banking Index continued its consolidation phase, trading within a defined four-day range without breaching either side.

* The 200 DEMA remains a critical support level; a close below it could trigger further downside.

* Most index constituents closed positively, with IndusInd Bank and Canara Bank leading the upside, while Axis Bank underperformed, ending in the red.

* Immediate resistance is seen at 54,600, with key support levels placed at 53,600 and 53,200 respectively.

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