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NIFTY

* Nifty extended rebound and gained over half a percent, in continuation to Monday’s move.

* Mixed trend continued on the sectoral front wherein metal and auto posted strong gains while defensive viz. FMCG and pharma witnessed profit taking.

* Nifty has reached closer to the hurdle zone i.e. 22,300 after two days of rebound and that may result in a pause or resumption of corrective phase.

* The mixed trend on the sectoral front offering opportunities on both sides so traders should plan their positions accordingly.

BANK NIFTY

* Banking index remained volatile in the narrow range throughout the day and finally settled marginally higher around the opening range.

* Barring AxisBank and ICICI Bank all other major banks closed in green. Wherein SBIN, HDFC Bank and Indusind bank capped the downside.

* It has witnessed some recovery testing its long term moving average and has triggered potential Harmonic Pattern on the daily chart.

* Thus, an oversold bounce cannot be ruled out. On the levels front, 48100 and 48400 to act as an intermediate hurdle.

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