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Nifty

* Nifty traded volatile in a narrow range and finally ended with gains of nearly half a percent.

* All key sectors, barring metal, participated in the rebound wherein recovery in the banking and financial majors helped the index to end in the green.

* Traders should continue with stock-specific approach and wait for clarity.

* We suggest utilizing further rebounds to reduce longs, especially in the PSUs and other overbought sectors/themes.

BANKNIFTY

* Banking index recovered strongly and almost recouped its Mondays session losses and closed higher over 600 points.

* Most banking major inched higher. Wherein ICICI Bank, Axis Bank and kotak bank contributed the maximum.

* It has rebounded higher from the long term moving average i.e. 200 DEMA.

* For banking index to continue it upward momentum, participation from the private banking majors would be crucial.

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