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TECHNICAL OUTLOOK

* Benchmark index closed with 2.66% cut at 17149 level. Banking index performed better than the benchmark index as it closed with 1.67% cut at 36948 level

* India VIX closed with 20.86% gain at 22.83 level

* Among Sectors, REALTY and METAL index underperformed as they closed with 5.90% and 5.23% cut. Broader market also underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 3.86% and 4.78% cut respectively.

* Advance/Decline ratio 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 with sharp cut while US markets (DJIA) recovered from lows and closed with minor gain yesterday. Asian Markets are trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 16900 - 16800 level and resistance at 17300 - 17400 level.

* Banking index is likely to trade in line with the benchmark index today with support at 36400 - 36200 level and resistance at 37400 - 37600 level.

* JSWSTEEL has closed with bearish candlestick formation below 21 EMA. Stock is likely to continue its negative momentum today as well.

BANK NIFTY (Daily) Chart

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