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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with minor 0.09% gain at 17369 level. Banking index lagged the benchmark index as it closed with 0.23% cut at 36683 level.

* India VIX closed with 3.26% cut and closed at 13.94 level

* Among Sectors, MEDIA and MNC indices outperformed the benchmark index as they closed with 2.97% and 1.09% gains while REALTY and PHARMA underperformed as they closed with 0.74% and 0.14% cut respectively. Broader market performed slightly better compared to the benchmark index as both MID cap and small cap index closed with 0.29% and 0.64% gain respectively.

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

* European markets (DAX) closed with minor cut while US markets (DJIA) closed near day’s low on Friday. Asian markets are trading largely lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound today with support at 17250 - 17200 level and resistance at 17450 - 17500 level

* Banking index is likely to trade in line with benchmark index today with support at 36400 - 36150 level and resistance at 36900 - 37000 level

* BHARTIARTL closed with bullish candlestick formation above 21 EMA. Stock is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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