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TECHNICAL OUTLOOK

▪ Benchmark index traded volatile before closing with 0.31% gain at 17267 level. Banking index lagged the benchmark index as it closed with 0.09% gain at 38028 level

▪ India VIX closed with 3.67% cut at 19.69 level

▪ Among Sectors, PSUBANK and METAL index outperformed as they closed with 0.82% and 0.80% gains while ENERGY and PSE index lagged as they closed with 1.31% and 1.07% cut respectively. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.70% and 1.72% cut 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 following suit and trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

▪ Benchmark index is likely to trade with mild positive bias today with support at 17150 - 17050 level and resistance at 17450 - 17500 level.

▪ Banking index is likely to trade in line with the benchmark index today with support at 37700 - 37500 level and resistance at 38500 - 38700 level.

▪ TATASTEEL has closed with bullish candlestick formation accompanied by above average volumes. Stock is trading above 21 EMA and it is likely to continue its positive momentum today as well

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