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NIFTY

* Nifty reversed Monday’s decline and gained nearly a percent, in continuation to the prevailing consolidation range.

* Most sectors traded in sync with the move wherein IT, metal and auto were among the top performers.

* The recent price action indicates the prevailing tone to continue and traders should maintain their focus on stock selection.

* We reiterate our preference for metal, IT, auto and energy counters for long trades .

BANKNIFTY

* Banking index underperformed the benchmark index and remained range bound to close the session with marginal loss.

* Mixed trend continued in the banking stocks. Wherein SBIN and ICICI bank inched higher whereas Indusind bank and Kotak bank capped the upside.

* We expect underperformance to continue with 45400 zone being an intermediate support for the index in the near term.

* Traders should avoid aggressive longs and stay selective.

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