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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.24% cut at 15709 level. Banking index lagged the benchmark index as it closed with 0.76% cut at 34533 level

* India VIX closed with 3.48% gain at 13.69 level

* Among Sectors, METAL and IT index outperformed the benchmark index as they closed with 1.22% and 0.21% gains while PSUBANK and AUTO index underperformed as they closed with 1.88% and 0.93% cut respectively. Broader market performed in line with the benchmark index as MID cap and SMALL cap index closed with 0.51% and 0.50% 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 minor gain while US markets (DJIA) gave up gains and closed near day’s low with minor cut yesterday. Asian markets are largely higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound today with support at 15600 - 15500 level and resistance at 15800 - 15900 level

* Banking index is likely to trade in line with benchmark index today with support at 34200 - 34000 level and resistance at 34800 - 35000 level

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

BANK NIFTY (Daily) Chart

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