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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with minor 0.06% gain at 18125 level. Banking index outperformed the benchmark index as it closed with 2.15% gain at 41192 level.

* India VIX closed with 0.34% gain at 17.61 level

* Among Sectors, BANKING and PSUBANK indices outperformed the benchmark index as they closed with 2.15% and 1.10% gains while REALTY and AUTO indices lagged as they closed with 2.77% and 1.80% cut respectively. Broader market lagged the benchmark index as both MIDCAP and SMALLCAP index closed with 1.70% and 2.34% cut respectively.

* Advance/Decline ratio was in favour of declines 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 with gains yesterday. Asian markets are largely trading higher today

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade range bound today with support at 18000 - 17900 level and resistance at 18300 - 18400 level

* Banking index is likely to trade with mild positive bias today with support at 40800 - 40500 level and resistance at 41700 - 42000 level

* ONGC closed with bullish candlestick formation above 21 EMA and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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