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NIFTY

* Nifty traded volatile in a narrow band and lost nearly half a percent, in continuation of Friday’s decline.

* Most sectors traded in sync with the move and drifted lower. FMCG, metal and energy were among the top losers.

* Correction would ease the overbought condition. Expect Nifty to respect the 19300-19500 zone.

* Focus on managing their existing trades and accumulating quality stocks on dips.

BANK NIFTY

* Banking also traded volatile and ended marginally lower, in line with the benchmark index.

* Mixed trend was witnessed among the constituents. Indusind Bank, SBI and HDFC Bank were top gainers while Kotak Bank, ICICI Bank and AU Bank capped the upside.

* Performance of the banking pack would play a critical role in setting the market tone ahead.

* Reiterate our view to prefer private banking majors and accumulate them on dips.

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