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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.4% cut at 16356 level. Banking index performed slightly better as it closed flat at 34946 level.

* India VIX closed with 2.9% cut at 19.8 level

* Among Sectors, REALTY and PSUBANK index outperformed the benchmark index as they closed with 1.9% and 0.7% gains respectively. Broader market performed in line with the benchmark index.

* Advance/Decline ratio was in favor 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 on weekly expiry today with support at 16200 - 16100 level and resistance at 16500 - 16600 level.

* Banking index is likely to trade in line with benchmark index today with support at 34500 - 34200 level and resistance at 35300 - 35500 level.

* ASIANPAINTS has closed with bearish candlestick formation with above average volumes and it is likely to continue its negative momentum today as well

BANK NIFTY (Daily) Chart

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