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NIFTY

* Nifty started the week on a firm note and gained over half a percent, tracking favorable cues.

*  Most sectors contributed to the move wherein auto, energy and realty were among the top gainers.

* Nifty has finally ended a week-long consolidation phase, however the momentum is still missing.

* Mixed global cues may continue to result in intermediate dips and traders should utilize the same for adding quality names.

BANKNIFTY

* Banking index traded higher to hit new high and ended the session with a marginal gain.

* Mixed trend was witnessed among the sectors where Axis Bank and Indusind Bank closed higher while HDFC Bank capped the upside.

* After a recent up move, the banking index is taking a breather at record high levels.

* We believe bullish tone to continue and thus, “Buy on Dip” approach is preferred.

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