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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with minor 0.16% cut at 17276 level. Banking index slightly outperformed the benchmark index as it closed with 0.18% gain at 37599 level

* India VIX closed with 0.73% gain at 22.17 level

* Among Sectors, BANKING index performed better as it closed with 0.18% gain while REALTY and PHARMA index lagged as they closed with 1.25% and 0.87% cut respectively. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.91% and 1.06% 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 yesterday. Asian Markets are following suit and trading lower today.

Intraday Market Outlook

* Benchmark Index may open lower following global cues but likely to trade volatile during the day. Index has support at 17100 - 17000 level and resistance at 17400 - 17500 level.

* Banking index is likely to trade in line with the benchmark index today with support at 37200 - 37000 level and resistance at 38000 - 38300 level.

* PEL has closed with bearish candlestick formation. Stock is likely to continue its negative momentum today as well.

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