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NIFTY

* Nifty traded volatile but managed to end higher, tracking favorable global cues. 

* Majority of sectors ended higher wherein realty, auto and pharma were among the top performers. 

* Nifty is still facing a hurdle around short term moving average i.e. 20 DEMA. 

* We reiterate our view to focus on stock selection and trade management until we get some clarity over the next directional move.

BANKNIFTY

* After an initial upmove, banking index turned lackluster traded in a defined range and closed higher with modest gains.

* HDFC Bank and Axis Bank capped the upside while ICICI Bank and Indusind Bank closed in green with decent gains. 

* It is finding resistance around 47000 zone, need sustainability above the same for further recovery.

* Traders should avoid aggressive longs until we see clarity over the next directional move.

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