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TECHNICAL OUTLOOK

* Benchmark index closed with 0.75% cut at 17765 level. Banking index performed slightly better compared to the benchmark index as it closed with 0.17% cut at 37976 level. 

* India VIX closed with 0.80% cut at 14.86 level

* Among Sectors, PSUBANK index outperformed the benchmark index as it closed with minor 0.07% gain while AUTO and METAL indices closed with 2.61% and 2.59% cut. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.44% and 1.63% cut respectively.

* Advance/Decline ratio (Nifty stocks) was in favour of declines and cash turnover was higher 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 on Friday. However, Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 17600 - 17500 level and resistance at 17850 - 17950 level

* Banking index is likely to trade in line with the benchmark index today with support at 37500 - 37300 level and resistance at 38400 - 38600 level

* POWERGRID has closed with bullish candlestick formation. 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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