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TECHNICAL OUTLOOK

* Benchmark index traded on a negative note as it closed with 1.27% cut at 17172 level. Banking index underperformed the benchmark index as it closed with 2.10% cut at 36045 level

* India VIX closed with 2.80% gain at 18.35 level

* Among Sectors, BANKING and PSUBANK underperformed the benchmark index as they closed with 2.10% cut each. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.94% and 0.32% 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 on Friday. Asian Markets are following suit and trading lower today..

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open gap down and trade with negative bias today. Index has support at 16900 - 16800 level and resistance at 17200 - 17300 level.

* Banking index is likely to trade in line with the benchmark index today with support at 35400 - 35000 level and resistance at 36100 - 36400 level.

* HDFCAMC has closed with bearish candlestick formation below 21 EMA and it is likely to continue its negative price action today as well.

BANK NIFTY (Daily) Chart

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