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NIFTY

* Nifty traded volatile for yet another session and ended on a flat note, tracking mixed cues.

* Sectoral indices also traded mixed wherein IT and financial services edged higher while realty and FMCG closed in the red.

* The prevailing resilience in the index amid weak global cues shows that bulls are in control and we expect the tone to strengthen above 22,550 levels in Nifty.

* Traders should align their positions accordingly, with a focus on stock selection.

BANKNIFTY

* Banking index opened gap down but recovered from the lows as the session progressed and finally closed around the days high.

* Mixed trend continued among the private banking majors. Wherein Axis Bank and HDFC bank performed well. While Kotak bank and ICICI Bank witnessed profit taking.

* It is finding resistance around 78.6% retracement levels (47680) from past three trading sessions.

* Thus going ahead, sustenance above 46780 would propel further upmove towards 48000 and 48400 zones.

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