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NIFTY

* Nifty surged strongly on Friday and reclaimed the record high gaining over one and half percent.

* The majority of sectors contributed to the move wherein metal, banking and auto posted strong gains.

* We are eyeing 22,800 in Nifty now thus participants should continue with a “buy on dips” approach until it breaks 21,900.

* Traders should maintain stock-specific approach and prefer index majors and large midcap counters for long trades.

BANKNIFTY

* Banking index rallied higher as the day progressed outperforming the benchmark index gaining over two and half percent.

* All banking stocks contributed to the move. Wherein ICICI Bank, HDFC Bank and SBIN contributed the maximum.

* It rebounded strongly from the 100 EMA and reclaimed its short term moving average ribbon.

* Going ahead we expect the upmove to extend further and banking index to inch higher towards 47800 zone

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