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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias as it closed with 0.93% cut at 17590 level. Banking index performed slightly better than the benchmark index as it closed with 0.77% cut at 41257 level.

* India VIX closed with 2.21% gain at 12.73 level.

* Among Sectors AUTO index underperformed the benchmark index as it closed with 1.8% cut. Broader market performed better than the benchmark index as both MIDCAP and SAMLLCAP index closed with 0.55% and 0.54% 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) and US markets (DJIA) closed lower yesterday. Asian Markets are following suit and trading lower today.

Intraday Market Outlook

* Benchmark index is likely to open lower following unfavourable global cues and trade with negative bias today. Index has support at 17400 - 17300 level and resistance at 17600 – 17700 level

* Banking index is likely to trade in line with benchmark index today with support at 40700 - 40500 level and resistance at 41500 - 41700 level.

* BAJFINANCE has closed below 21EMA with bearish candlestick and it is likely to trade with negative bias today as well.

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