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Banks stole the limelight on Wednesday as traders resorted to selling across the board following the Reserve Bank of India’s proposal of a new formula for computation of banks’ base rates. Significant short positions were built up in banks’ September futures where open interest rose nearly 20 per cent to 26.54 lakh. Bank Nifty has closed below the crucial level of 16,300 points. Bank Nifty may see a rally if traders resort to aggressive unwinding of shorts.
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