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NIFTY

* Nifty turned lower on Thursday and remained under pressure for most of the session, taking a breather after the recent volatile swings.

* Selling was broad-based, with metals, auto and realty among the major drags.

* We maintain a positive stance on the Nifty and recommend continuing a buy-on-dips approach as long as the index holds above the 25,400 level, with upside potential toward 26,000 initially and then a move toward fresh record highs.

* Traders are advised to remain selective, focus on stock-specific opportunities, and follow disciplined risk management given the possibility of further volatility.

BANKNIFTY

* The banking index traded with negative bias and closed marginally lower ahead of RBI interest rate decision.

* Momentum remained mixed among the banking majors, with SBIN, CANBK leading the gains, while YESBANK, ICICIBANK underperformed.

* The index continues to show higher relative strength versus the benchmark and is trading above its elevated base, indicating a positive bias.

* After recent sharp swings, some consolidation cannot be ruled out. On the upside, a move above 60,500 could lead to a gradual push towards 61,000, while support lies around 59,800–59,500.

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