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Nifty

* Nifty started the session on a firm note, supported by positive domestic cues and optimism around the GST Council meet.

* After an initial uptick, the Nifty inched gradually higher in the first half and tested the hurdle of the 20 DEMA near 24,735.

* We reiterate our preference for focusing on sectors and themes displaying relative strength, such as FMCG, auto, and consumer durables.

* Participants should align their positions accordingly, with an emphasis on stock selection.

Bank Nifty

* The banking index witnessed yet another sideways trading session but clearly the tone was negative

* Thought the index fell constantly throughout the session but still respected by 200 DEMA.

* The movement was mixed in the index, while Cnbk, Bankbaroda and Idfcfirstb was amongst the top gainers while Aubank, Icicibank and Kotakbank were the major losers.

* Immediate resistance is at 54,500, with key support levels at 53,500 and 52,700.

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