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Nifty

* Nifty remained range-bound and settled almost unchanged, in line with the global peers.

* On the sectoral front, IT, pharma and auto edged higher while metal, banking and realty ended in the red.

* Banking continued to weigh on the sentiment and buying in other heavyweights capped the damage.

* We reiterate our positive view and suggest preferring sectors other than banking for long trades.

Banknifty

* Banking index partially recouped it early losses in the last hour and closed lower by half a percent.

* Barring Axisbank, all other banking major ended in red. Whereas Kotak bank and Indusind bank were among the top losers.

* It has a support around 43300 zone, which coincides with its long term moving average i.e. 200 DEMA.

* Going ahead, sustainability below 43300, would further deteriorate the trend.

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