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Nifty

* Nifty took a breather after six days of advance and shed over half a percent.

* Most sectors traded in sync with the benchmark and edged lower on profit taking wherein IT and energy were among the top losers.

* While banking is showing strength now, profit taking in other key sectors is capping the momentum.

* Traders should continue with a “buy on dips” approach, with a focus on stock selection.

BANKNIFTY

* Banking index outperformed the benchmark index and traded range bound to close the day on a flat note.

* Mixed trend was witnessed among the banking names. Wherein SBIN and ICICI bank capped the downside. While HDFC Bank and Kotak Bank remained under pressure.

* Going ahead, 46600 to act an intermediate support zone in the banking index in near term.

* Thus traders should maintain Buy on Dips approach and focus on risk management.

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