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NIFTY

* Nifty edged higher on the weekly expiry day and gained over half a percent.

* Most sectors traded in tandem with the trend. FMCG, pharma and banking were among the top gainers.

* Consolidation is likely citing the psychological hurdle of a new milestone and overbought positions but tone would remain positive.

* Participants should align their positions accordingly and look for buying opportunities on dips.

BANK NIFTY

* Bank Nifty outperformed the benchmark index and gained nearly a percent.

* Strong up move in ICICI Bank, Kotak Bank, Axis Bank and SBIN aided surge.

* Closing indicates more steam left. Maintain a “buy on dips” approach.

* Expect the positive tone to continue in ICICI Bank, Axis Bank, Kotak Bank and SBIN.

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