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NIFTY

* Nifty consolidated in a narrow range and ended almost unchanged amid mixed signals.

* Most sectors ended flat. Buying in PSU banking combined with a recovery in select energy, metal and realty counters kept the traders busy.

* Reiterate our positive view on Nifty and suggest continuing with “buy on dips” approach till 17,500 is intact.

* Since we are seeing restricted participation, maintain focus on sector/ stock selection.

BANKNIFTY

* Banking index also ended flat, after hovering in a narrow band.

* Most sectors were trading with the positive bias but profit taking HDFC Bank, Axis Bank and Kotak Bank trimmed all the gains.

* Meanwhile, buoyancy in the PSU banking space was the highlight. SBI, Bank of Baroda and Canara Bank posted strong move.

* We maintain our bullish view but suggest staying selective.

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