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NIFTY

* Nifty witnessed a volatile session on Monday and declined nearly 1%, pressured by weak global cues.

* On the benchmark front, the Nifty opened sharply lower; however, a gradual recovery in heavyweight stocks across sectors helped trim losses as the session progressed.

* On the index front, the Nifty tested its crucial support at the short-term moving average (20 DEMA) near the 23,500 mark and managed to inch higher.

* In the interim, traders are advised to maintain a cautious stance, focus on stock selection based on relative strength for long opportunities, and prefer a hedged approach to manage risk.

BANKNIFTY

* The banking index closed weaker after exhibiting strong upward traction earlier in the session, oscillating between the 20 and 50-day exponential moving averages (DEMA).

* It opened with a significant downside gap but recovered steadily, regaining positive momentum and ending on a firm note.

* ICICI Bank was the sole gainer, while declines were led by HDFC Bank and Union Bank.

* Immediate resistance is near 56,700, with key support around 54,400.

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