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Nifty

* Banking index inched higher in the final hour and closed at record highs gaining nearly a percent.

* Almost all banking major ended higher. Whereas HDFC Bank, Axis bank and            ICICI bank contributed the maximum.

* Going ahead, sustenance above 47400 zone would attract fresh upward                   momentum towards 47900.

* Within the pack, HDFC bank, Kotak bank, SBI and ICICI bank are looking firm. 

Bank Nifty

* We are seeing decent traction in the selective IT stocks and Infy is trading insync.

* It has registered a breakout from the descending channel on the weekly chart with noticeable volumes.

* It has formed a fresh buying pivot holding above its short term moving averages ribbon.

* We thus recommend creating longs through the Call option. 

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