Indian markets hit new milestones today but failed to hold on to gains and ended moderately lower. The Sensex hit 41,000 for the first time today, rising to 41,120 at day's high before settling 68 points lower at 40,821. The broader Nifty also hit a new intra-day high of 12,132 today but settled 0.30% lower at 12,037.

The Nifty Bank index today hit a new high of 31,850 and ended 0.50% higher at 31,718. Among the banking stocks, ICICI Bank rose 3% while IndusInd Bank 1.5%.

Bharti Airtel shares fell 4% after rating agency Icra on Monday downgraded the company's long-term rating from “AA" to "AA-".

Some selling pressure was seen in IT heavyweights. TCS fell 1.6%, HCL Tech 1.4%, Infosys 0.73% and Tech Mahindra 0.75%.

Some profit-taking was also seen in auto stocks. Tata Motors, Maruti Suzuki, and M&M were down between 1.5% and 2%.

Amit Shah, technical research analyst with Indiabulls Ventures, says 12,000 is the immediate support zone for Nifty. "Traders should utilize dips towards support zone to build long positions," he added.

Banknifty has been gradually building up the momentum. We have been maintaining our bullish stance on the banknifty and have been guiding on fresh all-time highs for the index. Expect momentum to build further as the index sustains above all-time highs for few sessions. Index is likely to see swift moves going ahead.

Support: 31,300-31,000 & Resistance: 31,800-32,400

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