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TECHNICAL OUTLOOK

* Benchmark index closed with 0.97% cut at 17110 level. Banking index outperformed the benchmark index as it closed with 0.73% gain at 37982 level

* India VIX closed with 1.36% cut at 21.07 level

* Among Sectors, PSUBANK and BANKING index outperformed as they closed with 5.07% and 0.73% gains while IT and PHARMA index lagged as they closed with 3.55% and 1.87% cut respectively. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 1.05% and 0.73% cut respectively.

* Advance/Decline ratio was in favour of declines 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) closed with gains while US markets (DJIA) closed flat yesterday. Asian Markets are largely trading higher today.

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today with support at 17000 - 16900 level and resistance at 17250 - 17350 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.

* FEDERALBNK 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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