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NIFTY

* Nifty extended gain for the third successive session and gained 2%, in continuation to the prevailing tone.

* Majority of sectors participated in the move wherein IT, auto and energy were among the top gainers.

* The rotational buying across the key sectors including IT and FMCG, which were earlier on the sidelines, has strengthened the move.

* We thus recommend continuing with the “buy on dips” approach until the Nifty holds the 22,600 level.

BANK NIFTY

* Banking index continued its upmove for third consecutive session and gained nearly over a percent.

* Almost all banking stocks ended in green. Wherein ICICI Bank, HDFC Bank and SBIN contributed the maximum.

* It has surpassed above the intermediate hurdle of 49700 zone, thus sustenance above the same would propel the bullish tone towards 50700 zones.

* We maintain the bullish stance and any dips should be utilize to accumulate the quality banking stocks.

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