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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with minor 0.03% gain at 17345 level. Banking index outperformed the benchmark index as it closed with 0.32% gain at 38024 level

* India VIX closed with 5.95% gain at 18.53 level

* Among Sectors, PSUBANK and ENERGY index outperformed the benchmark index as they closed with 2.68% and 1.09% gains while REALTY and IT index were the laggards as they closed with 1.69% and 0.67% cut respectively. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.33% and 0.71% gains

* Advance/Decline ratio was in favour of declines 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 lower yesterday. Asian Markets are trading lower today

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 17200 - 17100 level and resistance at 17500 - 17600 level

* Banking index is likely to trade in line with the benchmark index today with support at 37600 - 37300 level and resistance at 38400 - 38700 level

* BERGEPAINT 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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