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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.62% cut at 17675 level. Banking index performed slightly better than the benchmark index as it closed with 0.37% cut at 37614 level.

* India VIX closed with 3.28% gain at 18.27 level

* Among Sectors, ENERGY and MEDIA index outperformed the benchmark index as they closed with 2.63% and 1.36% gains while IT and PSUBANK underperformed as they closed with 1.41% and 0.44% cut respectively. Broader market traded mixed as MIDCAP index closed with 0.62% gain while SMALLCAP index closed with 0.06% minor cut.

* 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 largely trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open lower and trade with negative bias today. Nifty has support at 17500 - 17400 level and resistance at 17800 - 17900 level

* Banking index is likely to trade in line with the benchmark index with support at 37100 - 36800 level and resistance at 37800 - 38000 level

* HCLTECH has closed below 21EMA with bearish candlestick formation and it is likely to continue its downside momentum today as well.

BANK NIFTY (Daily) Chart

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