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Nifty

* Nifty ended the last session of the financial year on a high note and gained over one and a half percent.

* All sectors contributed to the move wherein energy, IT and banking deserve special mention.

* Finally ended a 2-week long consolidation phase (16,800-17,200). Eyeing 17,600 now.

* Maintain positive bias but don’t go overboard. Focus on stock selection.

BankNifty

* Bank Nifty traded in line with the benchmark and gained nearly 2%.

* Surpassed the hurdle of long term moving average (200 EMA) decisively.

* Buying in private banking majors led the surge wherein ICICI Bank, HDFC Bank and Axis Bank contributed maximum.

* Reiterate our preference for private banks and recommend to staying selective in PSU pack.

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