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NIFTY

* NIFTY remained volatile and ended slightly lower, taking a breather after Tuesday’s decline.

* Sectoral outlook - majorly IT, FMCG closed in green while all others closed in red.

* Nifty saw some recovery in the first half but was unable to sustain the gains, eventually closing near the day’s low at 24,435.50.

* We thus reiterate the “sell on rise” view in the Nifty index and suggest maintaining stock-specific trading approach.

BANKNIFTY

* Day started with follow-on selling; Simultaneously resilient bounce was seen from lower levels, retaining its supports.

* Also Selling pressure at higher levels made it close below its consolidation range.

* On the contrary, Banknifty managed to maintain support at 100 EMA, i.e., 51000, and closed above the same.

* Traders are recommended to stay cautious at the 51000 level below that fresh breakdown could occur, in the mean while stay light.

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