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Nifty

* Nifty traded range bound and ended marginally higher, taking a breather after the recent surge.

* Mixed trend on the sectoral front kept the participants busy. Auto, banking and realty posted decent gains.

* Expect the prevailing tone to continue. Reiterate our positional target at 17600.

* Adopt a stock specific trading approach. Maintain “buy on dips”.

Banknifty

* Banking index maintained its outperformance and gained over half a percent.

* Tested the hurdle at 40800. Likely to fill the gap on the daily chart now.

* Should hold 40,000-40,200 to maintain the positive tone.

* We reiterate our preference for private banks and suggest staying selective in PSU pack.

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