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NIFTY

* Nifty started the week on an upbeat note and gained ~2%, tracking favorable cues.

* The majority of key sectors contributed to the move wherein energy, financials and metal were among the top performers.

* The stability in banking combined with buoyancy on the global front is aiding recovery however the upside seems capped citing multiple hurdles.

* We thus suggest focusing on sectors/ themes that are attracting consistent buying.

BANKNIFTY

* Banking index remained volatile in the narrow range and closed higher over a percent.

* Baring AU Bank, all other banks contributed to the move. Where HDFC Bank, Kotak bank and Axis Bank remained top performers.

* It has rebounded from the long term moving average (200 DEMA) support which coincides with 61.8% retracement levels.

* Going ahead we expect 45800-46200 to act as a key hurdle zone in the near term.

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