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NIFTY

* Nifty traded dull and ended almost unchanged on the weekly expiry day

* Mixed trend continued on the sectoral front which kept the participants occupied wherein metal and FMCG posted strong gains while banking, auto and energy closed in red.

* We feel intermediate breathers are healthy as long as we do not see any major cut in the index.

* We reiterate our preference for index majors and large midcap over the smallcap counters.

BANK NIFTY

* Banking index took a breather after three days of upmove and settled lower by 0.27 percent.

* Mixed trend was witnessed among the banking participants. Wherein HDFC Bank and SBIN inched higher. While ICICI Bank and Axis Bank closed lower.

* Going forward, we are eyeing 48300 and 48600 levels in the banking index.

* Thus traders should continue with "Buy on Dips" approach and utilize the dip to accumulate the stocks which are showing higher relative strength.

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