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TECHNICAL OUTLOOK

* Benchmark index closed with 1.96% cut at 17417 level. Banking index underperformed the benchmark index as it closed with 2.23% cut at 37129 level. 

* India VIX closed with 17.90% gain at 17.52 level

* Among Sectors, PSUBANK and REALTY index underperformed the benchmark index as they closed with 4.51% and 4.14% cut. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 3.01% and 2.74% 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) closed lower while US markets (DJIA) closed with minor gain Yesterday. Asian markets are trading largely negative today

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile within a broad range with support at 17300 - 17200 level and resistance at 17500 - 17600 level. Long positions are advised only if Nifty sustains above 17600 level.

* Banking index is likely to trade in line with the benchmark index today with support at 36600 - 36300 level and resistance at 37500 - 37800 level

* HDFCAMC has closed with bearish candlestick formation with above average volumes. Stock is trading below 21 EMA and it is likely to continue its downside momentum today as well.

BANK NIFTY (Daily) Chart

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