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Nifty

* Nifty extended gains for the seventh session in a row and rose nearly half a percent.

* Mixed trend continued on the sectoral front wherein IT, energy and FMCG attracted noticeable buying.

* Noticeable traction in the key sectors is fuelling momentum in the index however we can’t ignore the possibility of some consolidation now.

* We advise to avoid the contrarian bets in anticipation of a major decline.

Banknifty

* Banking index underperformed the index after three days of rise and closed marginally lower.

* Most private banking stocks witnessed profit booking. Wherein ICICI Bank, Axis bank and kotak bank capped the upside.

* Post a vertical surge in Banknifty, consolidation cannot be ruled out.

* Recommend staying with the trend and utilizing a dip or consolidation as a buying opportunity

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