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NIFTY

* Nifty drifted lower and lost over half a percent amid mixed cues.

* Profit taking was board-based but a sharp decline in the IT majors was largely weighing on the sentiment.

* Resilience in FMCG and banking pack capped decline.

* Recommend to trade stock-specific as per the sectoral trend.

BANKNIFTY

* Banknifty also witnessed volatile swings but managed to end on a flat note.

* Buoyancy in the select private banking stocks saved the day while PSUs ended lower amid profit taking.

* Our target of 44,250 is intact and we recommend continuing with “buy on dips”.

* Reiterate our preference for private banks and suggest remaining selective in the PSU space.

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