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NIFTY

* Nifty edged lower for the second consecutive session and lost nearly half a percent.

* Mixed trend on the sectoral front kept the traders busy. Metal, IT and auto were among the losers while realty and pharma closed in the green.

* Decline reaffirms our negative view. Continue with a “sell on rise” approach until Nifty decisively reclaims 19,400.

* Meanwhile, select stocks across sectors are still showing resilience. Focus on stock selection.

BANKNIFTY

* Bank Nifty traded dull in a narrow range and ended marginally lower.

* Most stocks witnessed pressure wherein Axis Bank and Kotak Bank were among the top losers.

* Expect pressure to intensify below 42,500. Look for shorting opportunities on rise.

* Private banking counters should be preferred for short trades over the PSUs citing selective rebound

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