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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias as it closed with 0.46% gain at 18148 level. Banking index lagged the benchmark index as it closed with 0.27% gain at 43352 level.

* India VIX closed with 8.68% gain at 11.90 level.

* Among Sectors NIFTYPSE index outperformed the benchmark index as it closed with 1.6% gain while PHARMA index underperformed as it closed with 0.19% cut. Broader market performed better than the benchmark index as both MIDCAP and SMALLCAP index closed with 0.74% and 0.63% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was higher 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 following suit and trading lower today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 18050 - 18000 level and resistance at 18200 – 18250 level

* Banking index is likely to trade in line with the benchmark index today with support at 43000 - 42800 level and resistance at 43600 - 43800 level.

* BPCL has closed above 21EMA with bullish candlestick and it is likely to trade with positive bias today as well.

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