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NIFTY

* It turned out to be an eventful day as Nifty reclaimed its record high for a brief but eventually settled flat at the 22,604.85 level.

* Mixed performance continued on the sectoral front wherein auto and realty posted strong gains while IT, metal and pharma settled in the red.

* We feel intermediate profit taking in the index is healthy and expect Nifty to hold the 22.300-22,400 zone now.

* All the key sectors, barring IT, are participating in the move and participants should align their positions accordingly.

BANK NIFTY

* Banking index witnessed profit from the record high levels in the final hour and closed the day on a flat note.

* Mixed trend was witnessed among the private banking majors. Wherein Indusind bank and Axis Bank capped the downside. While ICICI bank and HDFC bank ended lower.

* It has witnessed breakout from the bullish price pattern indicates bullish bias.

* We continue with our "Buy on Dips" approach and traders must focus on the stocks which are showing higher relative strength.

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