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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note as it closed with 1.46% gain at 17201 level. Banking index underperformed the benchmark index as it closed with 0.89% gain at 36405 level

* India VIX closed with 9.74% cut at 19.19 level

* Among Sectors, REALTY and AUTO index outperformed the benchmark index as they closed with 3.57% and 2.80% gains. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 1.62% and 1.17% gain 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 lower yesterday. Asian Markets are following suit and trading lower today

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open lower and trade volatile today. Index has support at 17000 - 16900 level and resistance at 17300 - 17400 level.

* Banking index is likely to trade in line with the benchmark index today with support at 35800 - 35500 level and resistance at 36600 - 36900 level.

* LAURUSLABS has closed with bearish candlestick formation below 21 EMA and it is likely to continue its negative momentum today as well.

BANK NIFTY (Daily) Chart

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