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NIFTY

* Nifty extended rebound and gained nearly half a percent amid mixed cues.

* Mixed trend on the sectoral front kept the traders busy wherein energy, metal and pharma were among the top gainers.

* Avoid aggressive trades in the index and stay focused on identifying opportunities on stock-specific front.

* We reiterate our preference for defensive viz. Pharma and FMCG for long trades and suggest picking selectively from others.

BANK NIFTY

* After an initial upmove Banking index turned lackluster and finally settled higher by half a percent.

* Almost all the private banking major closed in green. Wherein HDFC bank and Kotak bank contributed the maximum.

* Banking index taking support at its short term moving average i.e 10 EMA.

* Going ahead till its is holding above 47300 zone (10 DEMA), we expect upward momentum to continue

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