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NIFTY

* Nifty started the week on a positive note, gaining nearly half a percent as the consolidation phase continued.

* Pharma, financials, and auto emerged as the top gainers, while realty and FMCG remained subdued.

* The index is now looking for a decisive trigger to surpass the key hurdle of the 20 DEMA near 22,600 and end the prevailing consolidation phase.

* We maintain our view of focusing on stock selection based on relative strength amid consolidation and waiting for further clarity.

BANK NIFTY

* The banking index extended its ongoing trend, where a positive start was followed by consolidation with a modest half a percent gain at close.

* Mixed trend was seen among the banking majors wherein Axisbank and Icicibank contributed the most whereas Sbin, Aubank limited the gains.

* The upside seems capped until it decisively surpass the key hurdle at 48600 which aligns with 20 DEMA.

* In the interim, the supports now shift to 48000-47800. Nonetheless, the primary and more substantial support remains intact at 47500 mark.

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