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NIFTY

* Nifty edged higher and gained nearly half a percent, in continuation of the prevailing uptrend.

* Mixed trend on the sectoral front kept the traders occupied wherein Auto, Pharma and FMCG posted strong gains. While IT and energy ended subdued.

* Nifty is inching closer to the hurdle i.e 24500 levels and we need participation form the banking index to overcome the mark.

* Traders should continue with "Buy on Dips" approach and focus on sectors/ themes which are align with market trend.

BANKNIFTY

* Banking index continued to remain lack luster for yet another day and closed the session slightly higher.

* Among the banking majors ICICI Bank, SBI and HDFC Bank closed in green. While Kotak Bank and Indusind bank capped the upside.

* Banking index hovering around its short term moving average from last three sessions.

* The consolidation likely to extent further as we are seeing mixed trend among the banking majors.

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