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NIFTY

* Nifty traded volatile and lost nearly half a percent amid mixed cues.

* Continued pressure on the IT majors and profit taking in banking and financial counters turned the tone negative.

* Indications are pointing towards consolidation. For further rebound, Nifty should decisively cross the 17,200.

* Meanwhile, it is prudent to restrict positions and wait for clarity.

BANK NIFTY

* Banking index witnessed pressure and finally shed nearly a percent.

* Failed to sustain above its resistance zone of long term moving averages on the daily chart.

* Selling pressure was widespread. HDFC Bank, Kotak Bank and ICICI Bank were the top losers.

* Limit leveraged positions and prefer PSUs for short trades.

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