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Nifty

* Nifty started the holiday-shortened week on a firm note and gained nearly half a percent.

* Mostly sectors, barring defensive viz. FMCG and pharma, participated in the move wherein energy, metal and auto were among the top gainers.

* It has finally surpassed the hurdle at 19850, we expect the index to inch toward a new high.

* We reiterate our view to continue with the “buy on dips” approach.

Banknifty

* Banking index inched higher for third consecutive session and closed higher by over 100 points.

* Mixed trend was witnessed among the private banking majors. Wherein ICICI bank, Kotakbank capped the upside. While Axisbank and indusindbank closed higher.

* Surprisingly, PSUbanks outperformed the private banks and closed higher over a percent.

* Going ahead, a move past 44100 zone would strength the tone.

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