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Nifty had a sharp breakout from its eight-week range with upswing in the past five trading sessions on back of stimulus from government in form of tax brackets and positive global markets. Interest rate sensitive sectors like Auto, Realty and private banks had a strong pull back with gains of 6 percent average and would continue to gain as the domestic credit policy is being lined up in the first week of October. The manufacturing theme has also being well played out with sharp gains in capital goods, metals and energy sectors bucking the trend to gain by 9 percent, 5.7 percent and 5.5 percent respectively for month-to-date. Defensive sectors like IT and Pharma have witnessed some pullback from lower levels. We continue to remain positive with higher target of 11,850-12,000 levels over the next two months. But, as the up move is being very sharp, some consolid