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NIFTY:

* Nifty ended a 2-week long consolidation phase on Friday and gained over a percent.

*The IT pack, realty and PSU posted decent gains while auto and pharma traded subdued.

* We are now eyeing 22,150 in Nifty however selective participation from banking could keep the momentum in check.

*Suggest focusing on other key sectors and using any pause or dip to accumulate quality names. 

BANKNIFTY :

* Banking index remained strong for the day and finally settled gaining over half a percent.

*Mixed trend continued among theprivate banking majors. Wherein ICICI bank and Kotak bank contributed the maximum. 

* It has surpassed intermediate resistance of 47600 and reclaimed its short term moving average. 

* Now sustainability above 47600 is important for further rebound towards 48000-48400. 

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