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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with minor 0.03% cut at 16216 level. Banking index outperformed the benchmark index as it closed with 0.98% gain at 35470 level

* India VIX closed with 0.16% cut at 18.37 level ? Among Sectors, ENERGY and METAL index outperformed the benchmark index as they closed with 2.70% and 1.97% gains while IT index was the laggard as it closed with 3.08% cut. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.94% and 0.95% gains respectively.

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

* European markets (DAX) and US markets (DJIA) closed lower yesterday. Asian Markets are largely trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open gap down following weak global cues and trade volatile today. Index has support at 16100 - 16000 level and resistance at 16300 - 16400 level.

* Banking index is likely to trade in line with the benchmark index today with support at 35000 - 34700 level and resistance at 35700 - 36000 level.

* TCS has closed with bearish candlestick formation below 21 EMA and it is likely to continue its negative momentum today as well.

BANK NIFTY (Daily) Chart

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