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TECHNICAL OUTLOOK

* Benchmark index gave up gains from higher levels and closed with minor 0.05% cut at 17102 level. Banking index underperformed the benchmark index as it closed with 0.77% cut at 37689 level

* India VIX closed with 1.76% cut at 20.70 level

* Among Sectors, IT and PHARMA index outperformed as they closed with 1.13% and 1.05% gains while BANKING and AUTO index lagged as they closed with 0.77% and 0.59% cut respectively. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.50% and 0.95% gains respectively.

* Advance/Decline ratio was in favour of advances 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) closed lower while US markets (DJIA) closed near day’s high on Friday. Asian Markets are trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with positive bias today with support at 17000 - 16900 level and resistance at 17350 - 17450 level.

* Banking index is likely to trade in line with the benchmark index today with support at 37400 - 37200 level and resistance at 38400- 38600 level.

* TATACHEM has closed with bullish candlestick formation accompanied by above average volumes and it is likely to continue its positive momentum today as well.

BANK NIFTY (Daily) Chart

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