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NIFTY

* Nifty started the week on a muted note and ended almost flat, in absence of any major trigger.

* Mixed trend on the sectoral front kept the traders occupied wherein pharma, metal and energy were among the top gainers while IT and auto ended in the red.

* The resilience in key sectors viz. banking and IT combined oversold positions in other sectors are prompting intermediate recovery however lack of sustainability is keeping the traders on their toes.

* We thus suggest continuing with stock-specific approach with focus on risk management.

BANK NIFTY

* The banking index staged a recovery after starting lower, reversing its initial losses to close in positive territory.

* Among the banking majors, Indusindbk and Hdfcbank were among the top gainers, lifting the index up. Whereas Icicibank, Kotakbank and Axisbank ended in red.

* The index rebounds, defending 48450-48320 gap area. This move could bring some temporary relief, but it is difficult to say that we are completely out of the woods.

* Traders are advised to maintain cautious approach and avoid aggressive bets.

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