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Nifty

* Nifty traded volatile and ended almost unchanged, tracking mixed cues.

* Mixed trends on the sectoral front kept the traders occupied wherein IT, realty and energy edged higher while financials and FMCG witnessed profit taking.

* We are largely seeing consolidation in the index with the bias on the positive side and expect the same tone to continue.

* Traders should maintain their focus on stock selection and utilize this phase to accumulate quality stocks

BANKNIFTY

* Banking index opened on a positive note but failed to capitalize its early gains and closed near days low losing over 400 points.

* Baring HDFC Bank, all other banking stock closed in red. ICICI Bank, Kotak Bank and SBIN lost the most.

* We believe consolidation to extend further as mixed trend continues among the banking majors.

* We continue to maintain “Buy on Dip” approach with support placed around 51750 and 51200 zones.

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