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NIFTY

* Nifty decisively broke out of a week-long consolidation, surging nearly 1.5% and reinforcing the recovery momentum.

* Broad-based participation was seen across sectors, led by real estate, auto, and banking.

* Looking ahead, the alignment between the benchmark index and banking majors supports further recovery, with Nifty eyeing the 23,100 level.

* A 'buy on dips' strategy remains prudent, with a focus on sectors/themes that align with the prevailing market trend.

BANK NIFTY

* Following a gap-up start, the banking index moved strength to strength and closed with nearly 2% gain.

* All the banking majors participated in the move wherein Icicibank, Kotakbank, Sbin contributed the most.

* Given the robust recovery, we anticipate the upward momentum to continue, with the next resistance level at 49,900, where multiple moving averages converge.

* On the downside, the 48,900-48,600 zone is expected to act as a strong support in the event of any pullback.

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