Markets opened on a flat note, traded in a narrow range amidst volatility to close marginally in red. Broadly,
indices are trading in the range of 17276 / 5170 on the downside and 17712 / 5293 on the higher side and there
are no clear patterns on the charts that suggest a breakdown or a breakout from the above range. Hence, we
reiterate our view that the immediate swing low, which is at 17276 / 5170 level, is the major support for the
markets. In the event of indices violating these levels, then we may witness further weakness to 17184 / 5130
levels. However, on the upside 17650 – 17700 / 5280 – 5293 levels may act as resistance for the day.
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