Indian market witnessed a sharp selloff pushing both Sensex and Nifty50 below crucial support levels. The Nifty50 marked the weakest session in the last eight odd months. The index failed to hold above 17700 levels and found support near 17300 on Monday.  

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Technically, this level of 17700 was important because it coincided with the crucial neckline support of bearish ‘Head and Shoulder’ pattern which formed over the past couple of months.  

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FII Activity:   

Foreign portfolio investors (FPIs) remained net sellers for Rs 3438 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 2051 crore, provisional data showed on the NSE.   

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(With inputs from PTI, Reuters and other agencies)     

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