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TECHNICAL OUTLOOK

* Benchmark index closed with 0.16% minor gain at 17054 level. Banking index underperformed the benchmark index as it closed with 0.14% cut at 35976 level.

* India VIX closed with 0.14%% gain at 20.83 level 

* Among Sectors, IT index outperformed the benchmark index as it closed with 0.76% gain while MEDIA and PSUBANK index lagged as they closed with 2.24% and 2.04% cut respectively. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.35% and 2.61% cut. 

* Advance/Decline ratio (Nifty stocks) 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 yesterday. Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to make mild recovery although volatility can remain elevated. Index has support at 16900 - 16800 level and resistance at 17200 – 17300 level.

* Banking index is likely to trade in line with benchmark index today with support at 35600 - 35300 level and resistance at 36400 - 36600 level

* HCLTECH has closed with bullish candlestick formation, and it is likely to continue its upside momentum today as well.

BANK NIFTY (Daily) Chart

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