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NIFTY

* Nifty failed to capitalize on Monday’s advance and shed nearly a percent.

* Most sectors traded in tandem with the move wherein energy and FMCG were among the top losers.

* The recent price action shows indecisiveness among the participants despite the favorable global cues and we feel the prevailing tone may continue.

* Meanwhile, traders should focus on stock selection and maintain positions on both sides.

BANKNIFTY

* Banking index remained lackluster and traded volatile in narrow range ending marginally lower.

* PSU banks outperformed the private banking major rallying over a percent. Bankbaroda and PNB gained the most.

* It is respecting the support zone of long term moving average. However, it is facing rejection at higher levels.

* Thus we suggest avoid aggressive longs until we see some decisive sign of reversal.

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