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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.47% gain at 18203 level. Banking index outperformed the benchmark index as it closed with 1.04% gain at 41687 level.

* India VIX closed with 0.45% cut at 15.58 level.

* Among Sectors, PSU BANK index outperformed the benchmark index as it closed with 4.46% gain while PHARMA index underperformed the benchmark index as it closed with 1.43% cut respectively. Broader market traded in line with benchmark index as MIDCAP and SMALLCAP index closed with 0.69% and 0.64% gains respectively.

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

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

Intraday Market Outlook

* Benchmark index is likely to open higher and trade with positive bias today. Index has support at 18100 - 18000 level and resistance at 18350 – 18450 level

* Banking index is likely to trade in line with benchmark index today with support at 41500 - 41300 level and resistance at 42200 - 42500 level.

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

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