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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with minor 0.07% gain at 17957 level. Banking index outperformed the benchmark index as it closed with 0.49% gain at 39656 level

* India VIX closed with 1.87% cut at 17.35 level

* Among Sectors, REALTY and METAL index outperformed the benchmark index as they closed with 1.55% and 0.92% gains while IT and AUTO index were the laggards as they closed with 0.79% and 0.47% cut respectively. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.19% and 0.16% 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) closed higher while US markets (DJIA) closed flat yesterday. Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound today with support at 17850 - 17750 level and resistance at 18050 - 18150 level

* Banking index is likely to trade in line with the benchmark index today with support at 39400 - 39100 level and resistance at 40000 - 40300 level

* KOTAKBANK 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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