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NIFTY 

* Nifty oscillated sharply on both sides and finally ended the session with a gain of nearly a percent.

* On the sectoral front IT, auto and metal were among the top gainers while banking ended almost unchanged.

* Participants should continue with a “buy on dips” approach until Nifty decisively breaks the 21,800 level.

* Maintain extra caution in stock selection and prefer counters with higher relative strength.

BANK NIFTY

* Banking index recouped its early losses in the second half and closed the session marginally lower.

* Mixed trend continued among the private banking majors. Wherein ICICI bank and Axis bank inched higher. While HDFC bank and Indusind bank witnessed profit taking.

* Banking index recovered smartly testing its short term moving average i.e. 10 DEMA.

* Continue with “buy on dips” approach and focus on banking names which are showing higher relative strength.

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