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TECHNICAL OUTLOOK

* Benchmark index closed with 1.01% cut at 17757 level. Banking index performed better than the benchmark index as it closed with 0.50% cut at 37851 level

* India VIX closed with 0.17% minor cut at 17.79 level

* Among Sectors, PSE and METAL index outperformed the benchmark index as they closed with 0.58% and 0.52% gains while PHARMA and IT index underperformed as they closed with 1.66% cut each. Broader market slightly outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.16% and 0.05% 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) closed higher while US markets (DJIA) closed lower yesterday. Asian Markets are trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open lower and trade with negative bias today following weak global cues. Index has support at 17600 - 17500 level and resistance at 17900 - 18000 level.

* Banking index is likely to continue its outperformance vis-à-vis the benchmark index today. Banknifty has support at 37500 - 37300 level and resistance at 38200 - 38400 level.

* DIVISLAB has closed with bearish candlestick formation below 21 EMA. Stock is likely to continue its negative momentum today as well.

BANK NIFTY (Daily) Chart

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