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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note before closing with 1.06% gain at 17340 level. Banking index performed slightly better than the benchmark index as it closed with 1.10% gain at 37903 level

* India VIX closed with 5.68% gain at 17.49 level

* Among Sectors, AUTO and ENERGY index outperformed the benchmark index as they closed with 3.27% and 2.80% gains while PHARMA index underperformed as it closed with 0.08% cut. Broader market outperformed the benchmark index as MIDCAP and SMALLCAP index closed with 1.67% and 1.80% 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) closed flat while US markets (DJIA) closed lower yesterday. Asian Markets are trading lower today..

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to consolidate today after sharp gains in previous four trading sessions. Index has support at 17200 - 17100 level and resistance at 17450 - 17550 level

* Banking index is likely to trade in line with the benchmark index today with support at 37500 - 37200 level and resistance at 38200 - 38500 level

* BHARTIARTL 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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