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Nifty

* Nifty traded under pressure and lost nearly half a precent, pressurized by weak global cues.

* Continuous selling in the banking majors combined with a downtick in the IT majors pushed the index lower

* Expect Nifty to consolidate amid mixed cues. Stay focused on stock selection.

* IT, Auto and FMCG should be preferred for long trades on dips.

Bank Nifty

* Banking index shed over one percent and ended near the day’s low.

* Sharp cut was witnessed across the board wherein both PSUs and private banking space lost nearly 1.5 % each.

* Indications are pointing towards more pain ahead. Use rebound to reduce positions and create shorts.

* Among the counters, Indusind Bank and SBIN can be preferred for fresh short positions.

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