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NIFTY

* Markets saw a breather after Monday’s sharp decline, rebounding over 1.5% in line with the recovery in global markets.  

* Following a gap-up opening, the Nifty moved in a range but maintained a positive bias throughout the session, eventually closing at 22,535.85.  

* Moreover, the upcoming outcome of the MPC’s monetary policy meeting could add to the market swings, especially on the weekly expiry day.  

* We recommend maintaining a hedged approach, focusing on stocks showing  relatively higher strength.  

BANK NIFTY

* The banking index saw a rebound after Monday’s sharp decline, closing with 1.31% gain.

* All the banking majors ended in green wherein Bankbaroda, Canbk, Sbin surging the most.

* In this recovery, the index tested its crucial hurdle around 50600-50800 zone.

* Amidst ongoing market volatility, it is possible for the index to see wider trading ranges. The immediate support lies at 49900, followed by 49150.

* However, traders are advisable to exercise caution and continue with a hedged approach.

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