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NIFTY

* Nifty staged a recovery on the weekly expiry day and gained over half a percent.

* Mixed trend on the sectoral front kept the traders busy. Auto and IT posted a decent bounce.

* Wait for Nifty to reclaim the short term moving average (20 EMA) for sustained recovery.

* Meanwhile, prudent to keep a check on leveraged positions and prefer index majors over others. 

BANKNIFTY

* Banking index also witnessed a rebound and gained over half a percent.

* Bounce in the private banking majors mainly ICICI Bank and HDFC Bank largely contributed to the move.

* 44,450-44,700 zone strong hurdle to cross. A decline below 43,850 would fuel a fresh fall.

* Keeping the mind the volatility, we recommend limiting aggressive trades.

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