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NIFTY

* Nifty witnessed respite after the sharp decline on Thursday and ended with modest gains.

* Among the key sectors, metal, energy and FMCG were among the top performers while IT and realty edged lower.

* Participants shouldn’t read much into a single day pause and continue with negative bias until Nifty decisively reclaims 22,400 level.

* Going ahead, we see 21,800 in Nifty as the make or break levels.

BANK NIFTY

* Banking index failed to hold up its early gains and closed the session marginally lower around the opening range.

* Mixed action was seen among the banking participants. Wherein Indusin bank and Axis Bank capped the downside. While HDFC Bank and Kotak bank closed in red.

* The tone is still negative, thus any rebound towards the resistance zone should be used as an shorting opportunity.

* Thus, trade accordingly and focus more on stock selection and risk management.

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