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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note before closing with 0.51% gain at 16605 level. Banking index outperformed the benchmark index as it closed with 0.64% gain at 36201 level

* India VIX closed with 0.24% gain at 16.86 level

* Among Sectors, PSUBANK and MEDIA index outperformed the benchmark index as they closed with 1.63% and 1.19% gains while PHARMA index was the laggard as it closed with 0.47% cut. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.38% and 0.77% gains respectively

* Advance/Decline ratio was in favour of advances and cash turnover was higher than 5-day average. FII were net buyers while DII were net sellers in the cash segment

* European markets (DAX) closed lower while US markets (DJIA) closed higher yesterday. Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade range bound today with support at 16500 - 16400 level and resistance at 16750 - 16850 level

* Banking index is likely to trade in line with the benchmark index today with support at 36000 - 35800 level and resistance at 36500 - 36800 level

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

BANK NIFTY (Daily) Chart

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