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TECHNICAL OUTLOOK

* Benchmark index closed with 2.18% cut at 16614 level. Banking index underperformed the benchmark index as it closed with 3.31% cut at 34440 level.

* India VIX closed with 16.10% gain at 18.97 level

* Among Sectors, REALTY and PSUBANK indices underperformed the benchmark index as it closed with 4.90% and 4.48% cut. Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 3.68% and 4.04% 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) and US markets (DJIA) closed lower yesterday. However, Asian markets are staging recovery today as investors continue to monitor the impact of curbs against the new COVID variant.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to witness short covering today after sharp selloff in last two trading sessions. Nifty has support at 16500 – 16400 level and resistance at 16800 - 16900 level. 

* Banking index is likely to trade in line with the benchmark index today with support at 34200 - 34000 level and resistance at 35000 - 35200 level.

* CIPLA has closed with bullish candlestick formation with above average volumes. Stock is likely to continue its positive price action today as well.

BANK NIFTY (Daily) Chart

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