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NIFTY

* Nifty witnessed some respite and edged marginally higher after four consecutive sessions of decline.

* Following a flat start, the Nifty attempted a recovery in the early hours, largely driven by buying interest in select heavyweights.

* However, the upside remained capped near the short-term moving average around the 25,250 level.

* With the hurdle at the short-term moving average (20 DEMA) near 25,250 still intact, we suggest maintaining a cautious stance on the index and adopting a selective approach on the sectoral front.

BANKNIFTY

* The banking index traded within a consolidation range, holding above its key support at the 20 EMA.

* IndusInd Bank, PNB, and Bank of Baroda led the rally, while IDFC First Bank, Kotak Bank, and Axis Bank lost momentum.

* Support is established between 56,100 and 56,700, which is vital to maintain a positive bias.

* However, a decisive break below 56,000 could weaken sentiment, while resistance near 57,200 to 57,400 is expected to cap near-term gains.

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