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TECHNICAL OUTLOOK

* Benchmark index opened gap up and traded higher before closing with 1.35% gain at 16931 level. Banking index outperformed the benchmark index as it closed with 2.02% gain at 36348 level.

* India VIX closed with 0.67% minor cut at 13.32 level

* Among Sectors, METAL and PSUBANK indices outperformed the benchmark index as they closed with 2.47% and 2.04% gains respectively. Broader market performed in line with the benchmark index as both MID cap and small cap index closed with 1.94% and 1.53% gains.

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

* European markets (DAX) closed higher while US markets (DJIA) closed lower yesterday. Asian markets are trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound today with support at 16800 - 16700 level and resistance at 17000 - 17100 level

* Banking index is likely to trade in line with the benchmark index today with support at 36000 - 35800 level and resistance at 36700 - 37000 level

* DIVISLAB has broken out of month-long consolidation and closed with Bullish candlestick formation accompanied by above average volume. Stock is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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