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NIFTY

* Nifty started strong, gaining over a percent, buoyed by positive global cues.

* Most sectors contributed to the rally, with Auto, IT and Media leading the gains.

* Global volatility is leading to erratic market swings, keeping traders on edge. We recommend a cautious approach until Nifty decisively closes above the 24,500 level.

* In the meantime, certain sectors and themes are showing resilience, so traders should adjust their positions accordingly.

BANKNIFTY

* Banking index too staged a recovery and gained over half a percent.

* Almost all banking majors participated in the move wherein PSU banking stocks performed well.

* Although the index briefly made an attempt to surpass the 50,800 mark, the upper band of consolidation range, it failed to sustain those levels.

* A meaningful move above the mentioned level, can further witness some gains in the index.

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