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NIFTY

* Nifty started the week on a subdued note and shed nearly half a percent.

* Traction continued in pharma, auto and energy pack while FMCG, financials and IT were slightly on the back foot.

* Indications are in favor of consolidation to continue and expect Nifty to respect the 21,450-21,600 zone, in case the profit taking extends.

* Traders should now maintain caution while chasing the momentum and keep an exit plan in place.

BANKNIFTY

* Banking index traded lackluster in a narrow range and finally settled lower losing near 0.30 percent.

* Baring Indusind Bank all other private banking majors ended in red. Wherein Kotak Bank and Axis bank contributed the most.

* It has an intermediate resistance around 46200 zone which coincides with its short term moving average i.e. 20 DEMA.

* Mixed trend within the private banks capping the upside. Wait for clarity

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