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NIFTY

* Nifty edged higher and gained over half a percent, taking a breather after the recent slide

* Banking, financials and energy pack performed well among the sectoral indices while IT, FMCG and pharma traded subdued

* Expect the recovery to strengthen further. Upside still seems capped citing multiple hurdles till 17,400 levels

* Focus on stock selection and keep a check on leveraged positions

BANKNIFTY

* Banking index outshined the benchmark and gained over a percent.

* Inched closer to the resistance zone of long term moving average i.e. 200 EMA now.

* Breakout above 40100 would extend the further recovery.

* Prefer private banking counters like Axis Bank, ICICI Bank and IDFC First Bank to participate in the rebound.

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