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TECHNICAL OUTLOOK

* Benchmark index opened higher and traded volatile before closing with minor 0.01% gain at 17855 level. Banking index outperformed the benchmark index as it closed with 0.90% gain at 38171 level.

* India VIX closed with 6.68% gain at 18.05 level

* Among Sectors, AUTO and REALTY indices outperformed the benchmark index as they closed with 3.22% and 2.99% gains while IT and FMCG underperformed as they closed with 2.88% and 0.90% cut respectively. Broader market traded mixed compared to the benchmark index as MIDCAP closed with 0.03% minor gain while SMALLCAP index closed with 0.12% cut.

* Advance/Decline ratio was 1:1 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 higher yesterday. However, Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade range bound today with support at 17750 - 17650 level and resistance at 18000 - 18100 level

* Banking index is likely to trade with mild positive bias today with support at 37800 - 37600 level and resistance at 38500 - 38700 level

* AMARAJABAT has given fresh breakout from consolidation and closed with bullish candlestick formation accompanied by above average volumes. Stock is trading above 21 EMA and it is likely to continue its upside momentum today as well.

BANK NIFTY (Daily) Chart

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