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NIFTY

* Nifty declined after a brief pause, shedding over half a percent amid mixed cues.

* All major sectors moved in line with the benchmark, with realty, IT, and pharma emerging as the top laggards.

* Nifty is approaching its key support zone near the major moving averages ribbon around 23,400.

* A decisive hold at this level could trigger the next leg of the uptrend; otherwise, the consolidation phase may persist.

* We maintain a positive market outlook and recommend a stock-specific approach.

BANK NIFTY

* After a flat start, the banking index witnessed profit taking throughout the session and closed with over half a percent loss.

* Barring Indusindbk, almost all the banking heavyweights traded under pressure wherein Axisbank and Sbin lost the most.

* The index has strong support around 50800-50600 zone, the recent breakout zone and gap area.

* As long as the index holds above these levels, one can maintain ‘buy on dips’ approach for the upside target of 52000-52500.

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