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Nifty

* Nifty took a breather after Tuesday’s slide and gained nearly a percent amid volatility.

* Mixed trend continued on the sectoral front wherein metal, energy and IT performed well while banking and realty ended subdued.

* The banking index tested its long term moving average (200 EMA) on Wednesday so we can’t rule out some consolidation.

* We thus feel traders should continue with stock-specific trading approach and maintain positions on both sides.

BANK NIFTY

* Banking index remained volatile throughout the day and finally settled on a flat note.

* Mixed trend was witness among the private banking majors. Wherein ICICI bank and Axisbank capped the upside. While HDFC bank and Indusind bank inched higher.

* PSU Banking index outperformed the private banking gaining nearly 2 percent.

* Now till index manages to hold its long term moving average support, an oversold bounce cannot be ruled out

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