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NIFTY

* Nifty remained lackluster and ended nearly half a percent lower, continuing the ongoing consolidation phase.

* After an initial decline, the Nifty index traded within a narrow range and eventually settled at the 24,853.40 level.

* Barring the IT sector, all key indices edged lower, with pharma, metal, and realty among the top losers.

* Amid this backdrop, participants should maintain a stock-specific trading approach while managing position sizes prudently.

BANKNIFTY

* Banking index traded sideways but with the negative bias and closed with losses of 0.41% witnessing profit booking of an earlier session.

* The index retraced exactly 61.8% of Monday’s rise which seems strong for short term.

* All stocks in banking index closed in the red wherein Canbk, Idfcfirstb and Indusindbk lost the most.

* As the index continues to oscillate within a range, dips towards 55400-55000 can be utilized for longs, for resistance at 56500.

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