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NIFTY

* Nifty witnessed profit taking on Friday and shed over half a percent.

* Mixed trend was witnessed on the sectoral front wherein pharma, realty and IT posted decent gains while financials and banking ended in the red.

* The intermediate volatility is normal during the earnings season and mixed global cues are further adding to the choppiness.

* Suggest continuing with stock-specific trading approach and utilizing dips to add quality names.

BANK NIFTY

* Banking index took a breather after Thursday move and closed lower losing over half a percent.

* Mixed trend was witnessed among the banking majors. Wherein Indusindbk and Kotakbank remained under pressure. While Axis Bank and HDFC Bank capped the downside.

* We believe upside momentum likely to continue till its holds 47800 zone which coincides with its short term average.

* Maintain “Buy on Dips” approach and focus on the stocks which are showing higher relative strength.

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