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Nifty

* Nifty surged strongly on Friday and inched closer to the record high, tracking upbeat global cues.

* Recovery in banking and financials combined with buying in FMCG, pharma and energy majors largely aided rebound.

* Buoyancy in the global markets, especially the US, is helping the index to maintain a bullish tone.

* Participants should maintain their focus on identifying stock-specific trading opportunities.

Banknifty

* Banking recovered strongly after the Thursday’s fall and gained over a percent.

* Reclaimed the short term moving average i.e. 20 EMA. Sustainability would be critical.

* Within the pack, Axis Bank, AU Bank and IDFC First Bank have comparatively stronger structure.

* We suggest staying light and waiting for clarity over the next directional move.

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