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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias before closing with 0.80% gain at 17519 level. Banking index performed in line with the benchmark index and closed with 0.65% gain at 36852 level.

* India VIX closed with 1.10% gain and closed at 13.73 level

* Among Sectors, PSUBANK and PSE indices outperformed the benchmark index as they closed with 2.83% and 1.91% gains while MEDIA underperformed as it closed with 1.55% cut. Broader market performed in line with the benchmark index as MIDCAP and SMALLCAP index closed with 1.02% and 0.65% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was higher than 5 day average. Both FII and DII were net buyers in the cash segment

* European markets (DAX) closed lower while US markets (DJIA) closed near day’s high yesterday. However, Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today with support at 17400 - 17300 level and resistance at 17650 - 17700 level

* Banking index is likely to trade with positive bias today with support at 36600 - 36400 level and resistance at 37300- 37500 level

* HINDALCO closed with bullish candlestick formation above 21 EMA. Stock is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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