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Nifty

* Nifty edged higher and gained over half a percent, tracking favorable cues.

* The majority of sectors contributed to the move wherein banking, metal and FMCG were among the top gainers.

* We maintain our positive tone and suggest continuing with “buy on dips” approach, with 23800-24000 zone as a new base for the Nifty index.

* Favorable global cues and rotational buying across heavyweights would help Nifty to test the 24,500 mark now.

BANKNIFTY

* Banking index opened on a strong note to hit record high levels and closed higher rallying over one and half percent.

* Almost all banking majors contributed to the move. Wherein HDFC Bank, Kotak Bank and Axis Bank contributed the maximum.

* We expect upward momentum to persist and anticipate index to inch higher towards 53300 and 53600 levels.

* We suggests to focus on the banking majors which are showing higher relative strength and avoid laggards.

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