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NIFTY

* Nifty remained range-bound and ended on a flat note, continuing the ongoing consolidation phase.

* Sectoral trends were mixed, with FMCG, realty and energy stocks edging higher, while IT and pharma were among the key losers.

* We expect the consolidation to continue with a positive bias as long as the Nifty holds above the 25,400 level.

* In the current environment, we reiterate a stock-specific approach based on relative strength, with preference for banking and energy stocks on dips while being selective in other sectors.

BANK NIFTY

* The banking index traded volatile within a range and ended on a flat note.

* Most private sector banks outperformed PSU banking stocks, with KOTAKBANK emerging as the top gainer, while PNB was the top loser.

* On the technical front, the index continues to consolidate above its 20-day EMA, while the broader trend remains bullish as long as it trades above key moving averages.

* Immediate support is placed in the 59,800–59,500 zone, whereas resistance levels are seen at 60,400 and 60,800.

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