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NIFTY

* Nifty edged higher and gained nearly half a percent, in continuation of the prevailing trend.

* Most sectors participated in the move wherein banking, financial and IT were among the contributors.

* Nifty has tested the first target of the 24,700 level and the indications are in favor of the prevailing tone to continue.

* We reiterate our view to continue with “buy on dips” approach and stay focused on stock selection.

BANKNIFTY

* Banking index edged higher and gained over half a percent, tracking favorable cues.

* All the banking majors participated in the move wherein INDUSINDBK and BANKBARODA were among the top gainers.

* The index has been consolidating after retracing 50% of its previous rally and is poised for a breakout soon.

* A decisive close above 50,800 could propel the index to 51,100-51,400 levels, while support of 50,400 and 50,000 should provide stability during any further consolidation.

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