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NIFTY

* Nifty resumed uptrend after a breather and gained over a percent, tracking favorable global cues.

* All key sectors participated in the rally wherein IT, banking and realty were among the top gainers.

* Firm US indices may continue to rub off on our markets and we are now eyeing 21,500 in Nifty.

* Traders should maintain extra caution in stock selection citing the overbought conditions.

BANKNIFTY

* Banking index opened gap up and remained volatile to finally settle one and half percent higher.

* Almost all banking stocks ended higher. Wherein ICICI bank, HDFC bank and Indusind bank were among top gainers.

* It registered a breakout, after trading in range for last 6 sessions.

* Going ahead, we expect banking index to continue its upward momentum and scale higher towards 48000-48400 zone.

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