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NIFTY

* Nifty managed to gain nearly a percent on the monthly expiry day amid excessive volatility

* Most sectors participated in the recovery wherein metal, realty and auto gained the maximum.

* Need a decisive close above 17,200 for further recovery.

* Reiterate our view to limit leveraged positions and focus more on risk management.

BANK NIFTY

* Banking index traded in line with the benchmark index and gained over a percent.

* Recovery was broad-based wherein HDFC Bank, Kotak Bank, SBIN and Axis Bank contributed maximum.

* Reached closer to its resistance zone of long term moving averages i.e. 200 EMA and the breakout would further strengthen the recovery.

* We reiterate our preference for private banking. Axis Bank, Federal Bank and Kotak Bank look best for short term

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