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TECHNICAL OUTLOOK

* Benchmark index closed with 0.96% cut at 17938 level. Banking index outperformed the benchmark index as it closed with 0.44% cut at 38041 level

* India VIX closed with 0.22% minor gain at 17.82 level

* Among Sectors, PSUBANK and MEDIA index outperformed the benchmark index as they closed with 2.21% and 1.01% gains while IT and FMCG index lagged as they closed with 2.13% and 1.06% cut respectively. Broader market traded mixed as MIDCAP index closed with 0.06% cut while SMALLCAP index closed with minor 0.01% gain

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

* European markets (DAX) closed higher while US markets (DJIA) closed lower yesterday. Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Index may open lower following weak global cues but trade volatile during the day on weekly expiry. Nifty has support at 17800 - 17700 level and resistance at 18100 - 18200 level.

* Banking index is likely to trade in line with the benchmark index today with support at 37600 - 37400 level and resistance at 38500 - 38700 level.

* ONGC has closed with bullish candlestick formation accompanied with strong volumes. Stock is likely to continue its positive momentum today as well.

BANK NIFTY (Daily) Chart

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