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TECHNICAL OUTLOOK

* Benchmark index closed with 1.10% gain at 16955 level. Banking index outperformed the benchmark index as it closed with 1.22% gain at 35030 level.

* India VIX closed with 5.47% cut at 16.58 level

* Among Sectors, REALTY and PHARMA indices outperformed the benchmark index as they closed with 2.95% and 1.99% gains. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.55% and 2.15% gains respectively.

* Advance/Decline ratio was in favour of advances 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 near day’s high yesterday. Asian markets are following suit and trading with gains today as concerns over omicron variant have eased a bit.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today with increased volatility on weekly expiry day. Nifty has support at 16850 - 16750 level and resistance at 17100 - 17150 level.

* Banking index is likely to trade in line with the benchmark index today with support at 34700 - 34500 level and resistance at 35400 - 35700 level.

* HINDALCO 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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