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TECHNICAL OUTLOOK

* Benchmark index closed with 1.6% gain at 17625 level. Banking index outperformed the benchmark index as it closed with 2.6% gain at 36421 level

* India VIX closed with 1.4% gain at 16.4 level

* Among Sectors, METAL and AUTO index outperformed the benchmark index as they closed with 1.9% and 1.6% gains while PHARMA underperformed as it closed 0.5% cut. Broader market lagged the benchmark index as both MIDCAP and SAMLLCAP index closed with 1.1% gains each.

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

* European markets (DAX) and US markets (DJIA) closed higher yesterday. However, Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound today with support at 17500 - 17400 level and resistance at 17700 - 17800 level. 

* Banking index is likely to trade in line with benchmark index today with support at 36100 - 35900 level and resistance at 36800 - 37000 level. 

* TCS has closed with bullish candlestick formation and trading above 21 EMA. It is likely to continue its positive momentum today as well.

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