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Nifty

Nifty reversed Wednesday’s gain and lost over half a percent on weekly expiry day.

Pressure in the IT and banking majors was largely weighing on sentiment. Meanwhile, broader indices showed some strength.

Global cues are largely dictating the trend. Further fall in the US market may put more pressure.

Expect Nifty to find support around 17100-17200 zone. Focus on stock selection.

Bank Nifty

Banking index witnessed profit taking and shed over half a percent.

Decline in private banking majors like Axis Bank, HDFC Bank, Kotak Bank and ICICI Bank pushed the index lower whereas the PSU banking index closed flat.

Support zone intact around 39600-40000.

Considering the volatility, prefer hedged positions.

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