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NIFTY

* Nifty traded volatile for yet another session and gained nearly half a percent.

* Mixed trend continued on the sectoral front wherein FMCG and energy closed in the red

* We expect the prevailing tone to continue however the pace of advance would largely depend upon the performance of banking and IT majors.

* Participants should continue with the “buy on dips” approach and focus more on stock selection.

BANKNIFTY

* Banking index remained volatile for yet another day and managed to closed higher by around a percent.

* Baring AxisBank all other private banking majors ended in green. Whereas HDFC Bank and Kotak Bank contributed to maximum.

* It has registered a breakout from the intermediate falling resistance trendline holding above its short term moving average.

* Thus going ahead, sustainability above 48000 levels would be critical to continue its upward momentum towards 48400 zones.

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