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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias as it closed with 1.49% cut at 17154 level. Banking index underperformed the benchmark index as it closed with 2.27% cut at 39565 level.

* India VIX closed with 20.89% gain at 16.21 level.

* Among Sectors ENERGY and PHARMA index performed better as they closed with 0.60% cut and 0.74% cut respectively while PSUBANK index underperformed as it closed with 2.87% cut. Broader market lagged the benchmark index as both MIDCAP and SAMLLCAP index closed with 1.82% and 2.08% 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 trade volatile today with support at 17000 - 16900 level and resistance at 17300 – 17400 level.

* Banking index is likely to trade in line with benchmark index today with support at 39000 - 38700 level and resistance at 40000 - 40300 level.

* MCDOWELL-N has closed above 21EMA with bullish candlestick and it is likely to trade with positive bias today as well.

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