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MARKET OVERVIEW

* Benchmark index traded volatile before closing with 0.24% cut at 16818 level. Banking index performed in line with the benchmark index as it closed with 0.30% cut at 37648 level

* India VIX closed with 3.62% cut at 21.30 level

* Among Sectors, PHARMA and MEDIA index outperformed the benchmark index as they closed with 1.33% and 1.20% gains while IT and ENERGY index were the laggards as they closed with 0.92% and 0.83% cut respectively. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.40% and 0.63% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was higher 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 lower yesterday. Asian Markets are following suit and trading lower today.

Intraday Market Outlook

* Benchmark index is likely to open lower and trade volatile today. Index has support at 16700 - 16600 level and resistance at 16900 - 17000 level

* Banking index is likely to trade in line with the benchmark index today with support at 37300 - 37000 level and resistance at 38000 - 38300 level

* BALKRISIND has closed with bearish candlestick formation below 21 EMA and it is likely to continue its negative price action today as well.

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