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NIFTY

* Nifty witnessed a largely range-bound session on Monday, taking a breather after the sharp seven-session rally.

* The consolidation remained orderly, with the benchmark indices holding on to most of their recent gains and ending marginally higher.

* The Nifty’s ability to sustain above the 24,600–24,800 zone will be important to preserve the positive bias and pave the way for a potential move towards 25,200–25,600.

* We recommend using any further consolidation to selectively accumulate quality stocks, with a focus on banking, pharma, auto, infrastructure and capital markets themes.

BANK NIFTY

* The banking index extended its bullish momentum on Monday, sustaining comfortably above its key short-to-medium term EMAs.

* It opened on a positive note and maintained upward traction throughout the session, reflecting persistent buying interest.

* Market breadth remained mixed, with PNB and Union Bank outperforming, while YES Bank and IndusInd Bank witnessed profit booking.

* Immediate resistance is placed at 60,500, while 58,600 remains a crucial support level for the index.

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