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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias as it closed with 0.98% cut at 17118 level. Banking index underperformed the benchmark index as it closed with 1.13% cut at 36019 level

* India VIX closed with 8.89% gain at 24.62 level

* Among Sectors, METAL and MEDIA index outperformed as they closed with 1.50% and 0.46% gains while FMCG and INFRA index underperformed as they closed with 1.72% and 1.69% cut respectively. Broader market traded mixed as MIDCAP index closed with 0.28% cut while SMALLCAP index closed with 0.23% gain.

* 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. However, Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 17000 - 16850 level and resistance at 17300 - 17400 level.

* Banking index is likely to trade in line with benchmark index with support at 35600 - 35300 level and resistance at 36400 - 36600 level.

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

BANK NIFTY (Daily) Chart

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