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NIFTY

* Nifty started the week on a volatile note amid mixed cues but ended almost unchanged.

* Mixed trend on the sectoral front kept the traders occupied wherein realty and metal edged higher while FMCG and energy closed in the red.

* Nifty failed to hold above the hurdle of short term moving average i.e. 20 DEMA at 24,400, mainly pressurized by select heavyweights and it may continue until we see some decisiveness in banking majors.

* Traders should refrain from aggressive longs and continue with the hedged approach.

BANKNIFTY

* Banking index started the week with a downtick but recovered its early losses to close on a flat note.

* Mixed trend was seen among the banking majors wherein Private banking stocks performed well while PSU banking counters closed in red.

* The index made an attempt to retest its 20 EMA but failed to do so and ended within the range, suggesting continuation of ongoing consolidation.

* The level of 49800 will now act as strong support for the index and the immediate resistance will be at 51,000.

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