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TECHNICAL OUTLOOK

* Benchmark index closed with 0.41% cut at 16983 level. Banking index underperformed the benchmark index as it closed with 0.78% cut at 35695 level.

* India VIX closed with 1.63% gain at 21.17 level

* Among Sectors, PSE and REALTY index outperformed the benchmark index as they closed with 0.78% and 0.62% gains while METAL and ENERGY index lagged as they closed with 1.94% and 0.99% cut respectively. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.46% and 1.63% gain.

* Advance/Decline ratio (Nifty stocks) was in favour of declines and cash turnover was higher than 5-day average. FII were net sellers while DII were net buyers in the cash segment 3

* European markets (DAX) and US markets (DJIA) closed lower yesterday. However, Asian markets are showing some signs of recovery today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today. Index has support at 16850 - 16750 level and resistance at 17200 - 17300 level.

* Banking index is likely to trade in line with benchmark index today with support at 35300 - 35000 level and resistance at 36200 - 36500 level

* TCS has closed with bullish candlestick formation above 21 EMA. Stock is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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