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NIFTY

* Nifty oscillated sharply on both sides and ended with modest gains.

* Among the key sectors, energy, metal and IT ended with strong gains while banking and FMCG closed in the red.

* Nifty retested its record high after consolidating for two weeks but we feel it is early to assume that we are set for the next leg of the up move.

* Traders should focus more on stock selection in the present scenario and maintain positions on both sides.

BANK NIFTY

* Banking index failed to capitalize its early gains and finally settled near days low losing around half a percent.

* Baring Kotak bank all other private banking majors closed in red. Wherein HDFC bank and Axis bank declined the most.

* It failed to sustained above the resistance zone of 46300 and has closed below short term moving average.

* Going ahead failure to reclaim 46300 zone, consolidation likely to extend further.

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