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TECHNICAL OUTLOOK

* Benchmark index opened gap up and traded higher before closing with 1.19% gain at 17132 level. Banking index underperformed the benchmark index as it closed with 0.21% minor gain at 36425 level. 

* India VIX closed with 9.01% gain at 14.52 level

* Among Sectors, METAL outperformed the benchmark index as it closed with 1.54% gain. Broader market underperformed the benchmark index as both MID cap and small cap index closed with 0.62% and 0.68% 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 trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today with support at 17000 - 16900 level and resistance at 17250 - 17350 level

* Banking index is likely to trade in line with the benchmark index today with support at 36200 - 36000 level and resistance at 36800 - 37000 level

* HDFCBANK has closed above short-term consolidation with Bullish candlestick formation and trading above 21 EMA. Stock is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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