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NIFTY

* Nifty saw a much-needed rebound, gaining over a percent amid mixed cues.

* All key sectors participated in the rally, with metal, energy, and auto emerging as the top gainers.

* Traders should avoid reading too much into a single-day bounce and wait for further confirmation.

* Nifty may face resistance around the 22,500-22,700 zone if the recovery continues.

* We maintain a stock-specific approach, favoring banking, financials, and metals for long trades while remaining selective in other sectors.

BANK NIFTY

* The banking index extended rebound and gained nearly half a percent.

* PSU banking stocks outperformed the private banking majors and gained over 2-3%. Hdfcbank and Indusindbk were laggards.

* The index has bounced from its support zone, however, the recovery remains fragile. The current structure suggests a sideways tone in the banking index.

* The immediate support lies at 48200-47900, while it may face resistance around 48700-49000 levels.

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