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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.50% gain at 17578 level. Banking index outperformed the benchmark index as it closed with 1.04% gain at 38698 level

* India VIX closed with 0.05% gain at 19.05 level

* Among Sectors, PSUBANK and AUTO index outperformed the benchmark index as they closed with 2.34% and 1.81% gains while IT index underperformed as it closed with 1.77% cut. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.17% and 1.14% gains respectively

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

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

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 17450 - 17350 level and resistance at 17700 - 17800 level

* Banking index is likely to trade in line with the benchmark index today with support at 38300 - 38000 level and resistance at 39000 - 39300 level

* FEDERALBNK 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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