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TECHNICAL OUTLOOK

* Benchmark index traded higher and closed with 0.74% gain at 17822 level. Banking index lagged the benchmark index as it closed with 0.43% gain at 37741 level.

* India VIX closed with 2.03% cut at 16.40 level

* Among Sectors, ENERGY and IT indices outperformed the benchmark index as they closed with 2.88% and 1.19% gains while REALTY and PHARMA underperformed as they closed with 1.36% and 0.50% cut respectively. Broader market slightly underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.43% and 0.44% gains respectively.

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

* European markets (DAX) and US markets (DJIA) closed higher yesterday. However, 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 17700 - 17600 level and resistance at 17950 - 18000 level

* Banking index is likely to trade in line with the benchmark index today with support at 37400 - 37200 level and resistance at 38100 - 38300 level

* TITAN has closed with bullish candlestick formation above 21 EMA accompanied with above average volumes. Stock is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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