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TECHNICAL OUTLOOK

* Benchmark index opened on a positive note and traded higher before closing with 0.92% gain at 17234 level. Banking index lagged the benchmark index slightly as it closed with 0.70% gain at 36831 level. 

* India VIX closed with 0.35% minor gain at 14.24 level

* Among Sectors, IT and FMCG outperformed the benchmark index as they closed with 1.67% and 1.64% gains while PSUBANK and AUTO underperformed as they closed with 0.45% and 0.21% cut respectively. Broader market outperformed the benchmark index as both MID cap and small cap index closed with 1.00% and 1.03% gains.

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

* European markets (DAX) and US markets (DJIA) closed with gains yesterday. Asian markets are largely trading with positive bias today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today with support at 17150 - 17050 level and resistance at 17350 - 17450 level +

* Banking index is likely to trade in line with the benchmark index today with support at 36600 - 36400 level and resistance at 37200 - 37400 level

* CUMMINSIND has closed above previous swing high 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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