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NIFTY

* Nifty traded range bound and ended almost unchanged amid mixed cues.

* Majority of sectors ended flat however continued recovery in IT majors saved the day.

* Maintaining a positive tone amid consolidation. Expect the prevailing tone to continue.

* Reiterate our view to look for buying opportunities on dips and avoid contrarian trades.

BANK NIFTY

* Banking also traded volatile in a narrow range and ended on a flat note, in line with the benchmark index.

* Mixed trend was witnessed among the constituents. SBI, Indusind Bank and ICICI Bank were top losers while HDFC Bank, Axis Bank and IDFC First Bank capped the downside.

* Hovering around the critical support zone of short term moving average i.e. 20 EMA.

* Consolidation to continue. Utilise this phase to gradually accumulate private banking majors and stay selective in PSU pack.

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