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TECHNICAL OUTLOOK

* Benchmark index traded rangebound as it closed with 0.18% gain at 18348 level. Banking index performed in line with the benchmark index as it closed with 0.16% gain at 43955 level.

* India VIX closed with 0.28% gain at 12.60 level.

* Among Sectors METAL index outperformed the benchmark index as it closed with 2.59% gain while IT index underperformed as it closed with 0.46% cut. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.43% and 0.11% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. Both FII and 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 following weak global cues and trade volatile today. Index has support at 18200 - 18150 level and resistance at 18400 – 18450 level.

* Banking index is likely to trade in line with the benchmark index today with support at 43500 - 43300 level and resistance at 44200 - 44400 level.

* FEDERALBNK has closed below 21EMA with bearish candlestick and it is likely to trade with negative bias today as well.

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