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Nifty

* Nifty gained over half a percent in a range bound session, tracking firm global cues.

* Mostly sectoral indices traded in tandem with the benchmark index wherein metal outshined the others.

* Rebound may extend further but multiple hurdles exist till 18,350 levels.

* We recommend continuing with a stock-specific approach and maintaining positions on both sides.

Banknifty

* The banking index consolidated in a narrow range in line with the benchmark and ended marginally higher.

* For the second consecutive day, PSU banks outshined the private space but with slim margins.

* Looking comparatively stronger than the Nifty. A decisive break above 42,900 levels could fuel fresh momentum.

* Accumulate private banking counters on dips and stay selective in the PSU space.

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