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TECHNICAL OUTLOOK

* Benchmark index traded on a negative note as it closed with 1.24% cut at 17560 level. Banking index performed slightly better than the benchmark index as it closed with 0.81% cut at 39010 level

* India VIX closed with 2.73% gain at 19.16 level

* Among Sectors, AUTO index outperformed as it closed with 0.44% gain while IT and REALTY index lagged as they closed with 2.05% and 1.74% cut respectively. Broader market slightly performed better compared to the benchmark index as both MIDCAP and SMALLCAP index closed with 0.96% and 0.34% cut respectively.

* Advance/Decline ratio was in favour of declines and cash turnover was lower than 5-day average. Both FII and DII were net sellers in the cash segment

* European markets (DAX) and US markets (DJIA) closed lower yesterday. However, Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 17400 - 17300 level and resistance at 17700 - 17800 level.

* Banking index is likely to trade in line with the benchmark index today with support at 38600 - 38400 level and resistance at 39400 – 39700 level.

* ASHOKLEY has closed with bullish candlestick formation above 21 EMA. Stock is likely to continue its positive momentum today as well.

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