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TECHNICAL OUTLOOK

* Benchmark index recovered from lows before closing with minor 0.08% cut at 17355 level. Banking index underperformed the benchmark index as it closed with 0.58% cut at 36472 level.

* India VIX closed with 0.65% gain and closed at 14.03 level

* Among Sectors, MEDIA and METAL indices outperformed the benchmark index as they closed with 1.34% and 1.29% gains while ENERGY and PSUBANK underperformed as they closed with 0.76% and 0.41% cut respectively. Broader market performed better compared to the benchmark index as they closed with 0.45% and 0.54% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was lower 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 higher yesterday. Asian markets are largely trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today with support at 17300 - 17250 level and resistance at 17500 - 17550 level

* Banking index is likely to trade in line with benchmark index today with support at 36200 - 36000 level and resistance at 36900 - 37150 level

* DLF closed with bullish candlestick formation above 21 EMA. Stock is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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