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NIFTY

* It turned out to be a muted session on Friday as Nifty oscillated in a narrow range and ended almost unchanged.

* Mixed trend on the sectoral front wherein realty, FMCG and banking were among the top performers while IT and energy traded dull.

* The consolidation in Nifty amid weak global cues indicates time-wise correction.

* One shouldn’t go overboard and restrict positions in quality midcap and smallcap names.

BANKNIFTY

* Banking index outperformed the benchmark index and closed higher by around a percent.

* Barring Axis Bank, all other private banking majors ended in green. Wherein HDFC Bank and Kotak Bank performed well.

* It witnessed strong upward momentum after registering a breakout from a potential Cup and Handle price pattern.

* Thus, we believe the bullish tone to strengthen further and banking index to surpass its previous record high levels.

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