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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing lower with 0.40% cut at 17246 level. Banking index performed in line with the benchmark index as it closed with 0.55% cut at 36147 level

* India VIX closed with 2.83% gain at 24.75 level

* Among Sectors, METAL and ENERGY index outperformed as they closed with 1.21% and 0.83% gains while AUTO and BANKING index underperformed as they closed with 1.04% and 0.55% cut respectively. Broader market traded mixed as MIDCAP index closed with 0.55% gain while SMALLCAP index closed with 0.21% cut.

* Advance/Decline ratio was in favour of declines and cash turnover was lower than 5-day average. FII were net buyers while DII were net sellers 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 trade with mild negative bias albeit with elevated volatility on weekly expiry day. Index has support at 17100 - 17000 level and resistance at 17350 - 17450 level.

* Banking index is likely to trade in line with benchmark index with support at 35600 - 35300 level and resistance at 36500 - 36700 level.

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

BANK NIFTY (Daily) Chart

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