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Nifty

* Nifty reversed the gains of the previous session and shed a percent on Friday.

* Most sectors traded in sync with the benchmark wherein banking, IT and metal were among the top losers

* The decline in the index has faded the bullish tone and indications are now in favor of consolidation.

* Banking and financials may see further profit taking. Focus should be on other sectors for long trades.

Banknifty

* Banknifty plunged sharply lower and lost over two percent, engulfed the gains of last 5 sessions.

* Pressure in the HDFC Twins was weighing on sentiment. Sharp cut witnessed in Indusind Bank and Federal Bank also.

* Inching closer to the first line of defense i.e. 200 EMA, which currently lies around 42300.

* Profit taking may extend. Limit leveraged positions and wait for some stability

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