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Nifty

* Nifty recovered strongly in the final hour of the trade to close at record high levels gaining over 70 points.

* Mix trend was witnessed on the sectoral front. Wherein Realty, Fin service, and Media rallied the most, while Auto and IT remained subdued.

* The rebound in the banking majors helped the index to register a breakout from the consolidation and close above its intermediate hurdle of 22150 zone.

* We expect upward momentum to continue and index to scale higher towards 22500 levels.

BANKNIFTY

* Banking index outperformed the benchmark index and closed around days high rallying over a percent.

* HDFC Bank and Axis Bank contributed the maximum to the move. While Federal Bank and Bandhan bank closed lower.

* Private banking index outshined the PSU Banks, rallying over a percent.

* Going ahead, sustenance above 47250 zone, would open the way for 47750 zone which coincides with 61.8 retracement line.

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