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TECHNICAL OUTLOOK

* Benchmark index traded on a negative note before closing with 1.51% cut at 17491 level. Banking index underperformed the benchmark index as it closed with 1.77% cut at 38298 level ? India VIX closed with 4.10% gain at 19.04 level

* Among Sectors, METAL and REALTY index underperformed the benchmark index as they closed with 2.98% and 2.51% cut. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 2.02% and 1.63% cut respectively

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

* European markets (DAX) and US markets (DJIA) closed lower yesterday. Asian Markets are following suit and trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open lower and trade volatile today with support at 17350 - 17250 level and resistance at 17600 - 17700 level

* Banking index is likely to trade in line with the benchmark index today with support at 37800 - 37500 level and resistance at 38500 - 38800 level

* TATAMOTORS has closed with bearish candlestick formation below 21 EMA and it is likely to continue its negative price action today as well.

BANK NIFTY (Daily) Chart

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