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Nifty

* Nifty started the week on a firm note and gained nearly a percent, in continuation of Friday’s surge.

* Majority of the sectors traded participated in the move. Banking, financials, pharma and energy majors were top contributors.

* Sharp surge in the banking index after a pause in the IT pack reaffirms our bullish view. Eyeing a new milestone i.e. 20,000.

* Maintain focus on stock selection based on the sectoral trend and look for buying opportunities on dips.

Bank Nifty

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

* Most constituents ended in the green. HDFC Bank, ICICI Bank, SBIN and Kotak Bank contributed maximum.

* Banknifty rebounded strongly from the anticipated support zone of 44,450 and engulfed the fall of last 7 sessions.

* Reiterate our preference for private banks and suggest staying selective in PSU pack

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