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NIFTY

* Nifty started the week on a muted note and ended almost unchanged.

* Mixed trend on the sectoral front kept the traders occupied wherein energy, pharma and banking edged higher while IT, FMCG and auto closed in the red.

* It is a healthy pause after the recent surge and participants should continue with a “buy on dips” approach.

* We reiterate our view to focus on banking for momentum while others would continue to play a supporting role on a rotational basis

BANK NIFTY

* Banking index opened on a flat note and remained volatile in a narrow range to finally close the session marginally higher.

* Barring HDFCBANK all other private banking majors closed positive. Wherein ICICI Bank and Axis Bank gained the most.

* It is holding firm above 61.8% retracement levels of its previous decline suggests bullish bias.

* Traders should continue with “Buy on Dips” approach for an upside move towards 47800 zones, followed by 48000

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