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NIFTY

* Nifty started the week on a feeble note and lost nearly half a percent, in the absence of any major trigger.

* The majority of sectors too traded under pressure wherein IT and metal were among the top losers.

* The underperformance of the banking majors is largely weighing on the sentiment.

* We reiterate our view to continue with a “buy on dips” approach until Nifty decisively breaks 21,900 levels.

BANK NIFTY

* Banking index traded in tandem with the benchmark index, closing session marginally lower.

* HDFC Bank, SBIN and Bankbaroda closed on positive note, whereas ICICI bank, Axis Bank and Kotak bank capped the upside.

* It has closed around its short term moving average i.e. 10 DEMA.

* Mixed trend among the private banking index capping the upside momentum. Stay stock specific.

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