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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.40% cut at 17153 level. Banking index performed in line with the benchmark index as it closed with 0.33% cut at 35410 level

* India VIX closed with 2.09% cut at 23.43 level

* Among Sectors, REALTY and PSUBANK index outperformed as they closed with 1.22% and 0.49% gains while IT and MNC index underperformed as they closed with 1.00% and 0.88% cut respectively. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.12% and 0.49% cut respectively.

* Advance/Decline ratio was in favour of declines and cash turnover was lower than 5-day average. FII were net sellers while DII were net buyers in the cash segment

* European markets (DAX) and US markets (DJIA) closed higher on Friday. However, Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound today with support at 17050 - 17000 level and resistance at 17300 - 17400 level.

* Banking index is likely to trade in line with benchmark index with support at 35000 - 34800 level and resistance at 35800 - 36000 level.

* DLF has closed with bullish candlestick formation above 21 EMA and it is likely to continue its positive momentum today as well.

BANK NIFTY (Daily) Chart

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