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MARKET OVERVIEW

* Benchmark index traded higher before closing with 0.73% gain at 17311.80 level. Banking index outperformed the benchmark index as it closed with 1.56% gain at 39920.45 level.

* India VIX closed with 0.88% gain at 18.41 level.

* Among Sectors, PSU BANK index outperformed the benchmark index as it closed with 3.47% gain while METAL and MEDIA index underperformed the benchmark index as they closed with 0.97% and 0.80% cut respectively. Broader market traded in line with benchmark index as MIDCAP and SMALLCAP index closed with 0.26% and 0.09% gains respectively.

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

Intraday Market Outlook

* Benchmark index is likely to open higher and trade with positive bias today. Index has support at 17200 - 17100 level and resistance at 17500 - 17600 level

* Banking index is likely to trade in line with benchmark index today with support at 39700 - 39500 level and resistance at 40300 - 40500 level

* SBIN has closed above 21EMA with bullish candlestick formation and is likely to continue its positive momentum today as well.

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