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TECHNICAL OUTLOOK

* Benchmark index closed with minor 0.12% gain at 16258 level. Banking index performed slightly better compared to the benchmark index as it closed with 0.61% gain at 36029 level.

* India VIX closed unchanged at 12.61 level

* Among Sectors, MEDIA and BANKING index outperformed the benchmark index as they closed with 1.09% and 0.61% gains while METAL and PSUBANK index underperformed as they closed with 1.87% and 1.56% cut respectively. Broader market underperformed the benchmark index as MID cap and Small cap index closed with 0.73% and 0.91% cut respectively

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

* European markets (DAX) and US markets (DJIA) closed with minor cuts yesterday. Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound today with support at 16150 - 16050 level and resistance at 16350 - 16450 level

* Banking index is likely to trade in line with benchmark index today with support at 35700 - 35500 level and resistance at 36300 - 36500 level

* DEEPKANTR has managed to close above previous swing high 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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