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TECHNICAL OUTLOOK

* Benchmark index closed with 0.50% gain at 17503 level. Banking index lagged the benchmark index as it closed with 0.39% gain at 37273 level.

* India VIX closed with 2.85% gain at 18.02 level

* Among Sectors, METAL and PSUBANK index outperformed the benchmark index as they closed with 3.30% and 2.39% gains. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.76% and 1.91% gains respectively.

* Advance/Decline ratio (Nifty stocks) 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 lower while US markets (DJIA) closed with gains yesterday. Asian markets are trading with minor cut today

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile within a range today with support at 17350 - 17250 level and resistance at 17600 - 17700 level.

* Banking index is likely to trade in line with the benchmark index today with support at 36800 - 36500 level and resistance at 37700 - 38000 level 

* ADANIENT has closed with bullish candlestick formation and trading above 21 EMA and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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