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TECHNICAL OUTLOOK

* Benchmark index traded higher before closing with 0.28% gain at 17946 level. Banking index outperformed the benchmark index as it closed with 1.37% gain at 38294 level.

* India VIX closed with 2.81% gain at 16.09 level

* Among Sectors, AUTO and REALTY indices outperformed the benchmark index as they closed with 2.67% and 1.73% gains while IT underperformed as it closed with 3.36% cut. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.61% and 1.16% gains respectively.

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

* European markets (DAX) closed flat while US markets (DJIA) closed near day’s low yesterday. Asian markets are largely trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound today with support at 17800 - 17700 level and resistance at 18000 - 18100 level

* Banking index is likely to trade in line with the benchmark index with support at 37900 - 37700 level and resistance at 38600 - 38800 level

* DMART closed with bullish candlestick formation with above average volumes. Stock is trading above 21 EMA and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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